Question
M Transfers a building ($90,000 market value, $40,000 basis) plus a 60,000 recourse debt on the building, to a general partnership in exchange for a
M Transfers a building ($90,000 market value, $40,000 basis) plus a 60,000 recourse debt on the building, to a general partnership in exchange for a 30% capital and profits interest valued at $30,000. U transfers $70,000 cash for the remaining capital and profits interest. What is U's basis in his MU parternship interest?
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Forensic And Investigative Accounting
Authors: Crumbley D. Larry, Fenton Edmund D., Jr. Smith G. Stevenson
9th Edition
0808053221, 9780808053224
