Question
Andy is talking to his friend Bruce, who has an interest in Arlington, LLC, about purchasing his LLC interest. Bruces outside basis in Arlington, LLC
Andy is talking to his friend Bruce, who has an interest in Arlington, LLC, about purchasing his LLC interest. Bruces outside basis in Arlington, LLC is $21,000. This includes his $5,000 one-fourth share of the LLCs debt. Bruces 704(b) capital account is $25,000. If Andy bought Bruces LLC interest for $18,000, what would Andys outside basis be in Arlington, LLC?
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Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
8th Edition
9780618777174, 618777180, 618777172, 978-0618777181
