Question
Partnership Questions. on 1/1/16 a partner contributed a building which had been acquired on March 15, 2015, to the partnership that had originally been purchased
Partnership Questions.
on 1/1/16 a partner contributed a building which had been acquired on March 15, 2015, to the partnership that had originally been purchased for 375,000. The allocated purchase price was: Building 300,000 and Land 75,000. Accumulated depreciation as of 1/1/16 was 44,550 using SL and Mid-Month Depreciation Convention. The building has a 39-year useful life for books and tax purposes. The property had a 137,067 mortgage (qualified non-recourse Indebtedness) on it when it was contributed. The fair market value on the date of contribution to the partnership was 650,000. The mortgage monthly payments were 1,479. The mortgage interest expense for 2016 amounted to 5,255.
- what is the inside and outside basis of this partner with Profit/Loss/Capital membership interest of 75%?
- what is the amount of the building contributed?
- what is the amount of his non-recourse, qualified non-recourse financing and recourse share liability reported in his k-1?
Please help, I need the answer before mid-night.
Thanks
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