Question
Help with this tax scenario please. U.S 2018 Tax laws do apply here. Kevin, Gerald and Robb formed HyperTech Systems, LLC. No election was made
Help with this tax scenario please. U.S 2018 Tax laws do apply here.
Kevin, Gerald and Robb formed HyperTech Systems, LLC. No election was made as to the status of this entity, as they wanted to leave it as a partnership. Kevin and Robb contributed $245,000 to the partnership. Gerald contributed the following assets:
- What is the tax basis of Kevin and Robb in the partnership?
- Assume Gerald is asking for an equal part in the partnership in terms of capital? What will be the tax effects to Gerald?
- Assume Gerald is asking for an equal share in the partnership in terms of profits and losses only. What are the tax effect to Kevin, Robb and Gerald?
Asset Cash Land Basis $15,000 $120,000 $135.000 Fair Market Value $15,000 $440,000 $445.000
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A Guide To Effective Internal Management System Audits Implementing Internal Audits As A Risk Management Tool
Authors: IT Governance Publishing
1st Edition
1849285594, 978-1849285599
