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Problem (10 points) 1. Three individuals form the PST Partnership. The partner's contributions to the partnership are: Pat Cash, $30,000. Sal Organizational Services, Imv $30,000.
Problem (10 points) 1. Three individuals form the PST Partnership. The partner's contributions to the partnership are: Pat Cash, $30,000. Sal Organizational Services, Imv $30,000. Tim Store Buliding, fmv $30,000; book and tax basis to Tim, $27,500. Each partner receives an equal profits Interest in the new business. The profit-sharing ratio is used to allocate minimum galnand debt, under the partnership agreement A) Compute each partner's original basis in the partnership Interest B) What is the basis of the store to PST
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