Question
Ann contributes cash of $50,000/ Ben contributes a building with a FMV of $150,000, basis of $125,000 and subject to a recourse debt of $100,000.
Ann contributes cash of $50,000/ Ben contributes a building with a FMV of $150,000, basis of $125,000 and subject to a recourse debt of $100,000. Each gets a 50% interest in the AB partnership. what are the tax consequence of the contribution?
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Sound Investing, Chapter 1 - The Financial Pressure
Authors: Kate Mooney
2nd Edition
0071719237, 9780071719230
