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need help with a few questions. thanks! not sure if some are right or wrong. Ava and Rose are each 50/50 general partners in AR
need help with a few questions. thanks! not sure if some are right or wrong.
Ava and Rose are each 50/50 general partners in AR Partnership. Ava contributes machinery with a FMV of $60,000 and an adjusted basis of $18,000, and Rose contributes accounting services of $60,000. What is the amount income Ava and Rose pick up on their individual tax returns for their contributions to AR Partnership? Maya contributes equipment with a FMV of $25,000 and an adjusted basis of $15,000 for a 25% interest in Pony Partnership on January 1. Pony Partnership has $8000 of liabilities. During its first year, Pony Partnership takes an additional $2,000 in debt and incurs a $14,000 loss. What is Maya's basis at the end of YR 1 ? $14,000 $16,000 $24,000 $21,000 In exchange for a 20% interest in Pony2 Partnership, Faith contributes land with a basis of $100,000 and FMV of $175,000. There is a mortgage on the land for $60,000 which Pomy 2 Partnership assumes. During its first year, Pony 2 Partnership had $30,000 income, What is Faith's basis in the Partnership? $118,000 $46000 $133,000 558000 Step by Step Solution
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