Question
Kenisha and Shawna form the equal KS LLC, with a cash contribution of $900,000 from Kenisha and a property contribution (adjusted basis of $945,000, fair
Kenisha and Shawna form the equal KS LLC, with a cash contribution of $900,000 from Kenisha and a property contribution (adjusted basis of $945,000, fair market value of $900,000) from Shawna.
b. What is Kenisha's tax basis in her LLC interest? $ Section 704(b) book basis? $
c. What is Shawna's tax basis in her LLC interest? $ Section 704(b) book basis? $
d. What tax basis does the LLC take in the property transferred by Shawna?
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Cima Official Exam Practice Kit Fundamentals Of Ethics Corporate Governance And Business Law Certificate In Business Accounting
Authors: Larry Mead
4th Edition
1856177092, 978-1856177092
