Question
An individual recieved a 70 percent capital interst in a general partnership by contributing the following: Invesetment land purchased 10 years ago fr $40,000 and
An individual recieved a 70 percent capital interst in a general partnership by contributing the following:
Invesetment land purchased 10 years ago fr $40,000 and valued at $90,000. There was a $50,000 recourse debt on the land that was also transferred to the partnership.
Services to organize the partnership valued at 22,500.
Business inventory purchased nine months ago for $10,000 and valued at $8,000.
The general partner's basis in the partnership after the contribution is:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamental Accounting Principles
Authors: Kermit D. Larson, John J Wild, Barbara Chiappetta
17th Edition
0072946601, 9780072946604
