Question
Question Content Area On January 1, 2021 David contributed $25,000 cash and building with a basis of $100,000 and a FMV of $165,000 in exchange
Question Content Area
On January 1, 2021 David contributed $25,000 cash and building with a basis of $100,000 and a FMV of $165,000 in exchange for 50% interest in partnership XYZ LLC. XYZ had the following activty for 2021:
Ordinary Income: $140,000
Operating expenses: $60,000
Interest Income: $10,000
Nondeductible Expenses: 5,000
What is David's outside basis in XYZ LLC on December 31, 2021?
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Financial Accounting Reporting And Analysis
Authors: Michael Diamond, James Stice, Earl K. Stice, James D. Stice
5th Edition
0538873019, 978-0538873017
