Question
Partners W, X, Y, and Z form the Ace partnership, contributing the following: Partner: Interest: Property: Basis: FMV: Liability: W 40% Prop. 1 $40,000 $200,000
Partners W, X, Y, and Z form the Ace partnership, contributing the following:
| Partner: | Interest: | Property: | Basis: | FMV: | Liability: |
| W | 40% | Prop. 1 | $40,000 | $200,000 | $160,000 |
| X | 40% | Prop. 2 | $120,000 | $60,000 | $20,000 |
| Y | 10% | Prop. 3 | $10,000 | $70,000 | $60,000 |
| Z | 10% | Prop. 4 | $30,000 | $20,000 | $10,000 |
How much is each partners capital account?
How much is each partners basis in their partnership interest?
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Contemporary Auditing
Authors: Michael C. Knapp
11th edition
1305970810, 9781337514811, 1337514810, 978-1305970816
