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 50% interest in the AB partnership. what are the tax consequences of this distribution?
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Cost Accounting Principles And Applications
Authors: Horace R. Brock, Linda Herrington
6th Edition
0028034287, 978-0028034287
