Question
Leo, Mike, Donny, and Raph are forming a general partnership to consult on municipal sewer construction projects. Given the below information, calculate the initial outside
Leo, Mike, Donny, and Raph are forming a general partnership to consult on municipal sewer construction projects. Given the below information, calculate the initial outside basis for each partner. Each partner will have an equal profit sharing ratio and the partnership will take on an unsecured loan for liquidity. The partners are each have equal personal liability for the loan as the lending institution required personal guarantees from the partners.
Leo is contributing land which is currently encumbered by nonrecourse debt and no cash.
Mike is contributing his marketing services in exchange for a capital interest in the partnership and cash.
Donny is contributing custom-built machinery which is currently encumbered by nonrecourse debt and cash.
Raph is contributing a van which is currently encumbered by nonrecourse debt and cash.
Required
Complete the table using cell references.
(HINT: Utilize IF functions to properly calculate Nonrecourse Debt Excess)
PLEASE GIVE THE FORMULA IMPUTS FOR EXCEL. I am required to put formulas in the yellow spaces only. The stuff in the first picture is the given information. They want imputes like =(B12+C12) or =IF(B12:C12)....I think? I am really struggling with this. Please help as soon as possible. Thank you for your time.
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