Question
Mark contributes a piece of land to the SSS Partnership in exchange for 40% interest in the partnership. The land is as follows: FMV Basis
Mark contributes a piece of land to the SSS Partnership in exchange for 40% interest in the partnership. The land is as follows: FMV Basis
Land $175,000 $125,000
The partnership has the following during the year:
Sales $205,100 COGS 45,000 Taxable Interesting Income 6,500 Tax-exempt Interest Income 3,000 Fines and Penalties 4,310
In addition Mark was distributed $17,500 and SSS purchased some land for $40,000 which was totally financed by a loan. What is Marks year-end outside basis in the partnership?
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Millon Cornett, Otgo Erhemjamts
11th International Edition
9781266138225
