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Partnership Basis Remy O Neill , Drew O Riley , and Megan O . Ferguson formed the WeeBee JAMing Partnership at the beginning of the
Partnership Basis Remy ONeill Drew ORiley and Megan O Ferguson formed the WeeBee JAMing Partnership at the beginning of the current year, Year Remy and Drew contributed cash and Megan transferred property she had purchased three years ago, which was encumbered with a nonrecourse mortgage for which no one was personally liable. The members plan to use the land and cash to begin a wholesale fruit tree nursery. All three members agree to split profits and losses equally. At the end of the first year, WeeBee JAMing had made a $ principal payment on the mortgage. None of the members have passive income from other sources. Using the information above and the additional information under the Exhibits tab, complete each of the following tables. Enter all amounts rounded to the nearest whole dollar. Negative amounts must be preceded by a sign. If there is no value needed in the cell, you must enter a to receive credit for your response. Part : Compute the adjusted basis of each members interDocument #: Document #:
Partnership Basis Remy ONeill Drew ORiley and Megan O Ferguson formed the WeeBee JAMing Partnership at the beginning of the current year, Year Remy and Drew contributed cash and Megan transferred property she had purchased three years ago, which was encumbered with a nonrecourse mortgage for which no one was personally liable. The members plan to use the land and cash to begin a wholesale fruit tree nursery. All three members agree to split profits and losses equally. At the end of the first year, WeeBee JAMing had made a $ principal payment on the mortgage. None of the members have passive income from other sources. Using the information above and the additional information under the Exhibits tab, complete each of the following tables. Enter all amounts rounded to the nearest whole dollar. Negative amounts must be preceded by a sign. If there is no value needed in the cell, you must enter a to receive credit for your response. Part : Compute the adjusted basis of each members interDocument #:
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