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Required information Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in
Required information Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership: Fair Market Value Basis Harry: Cash Land Totals Sally: Equipment used in a business Totals $ 30,000 100,000 $130,000 $ 30,000 120,000 $ 150,000 200,000 $200,000 150,000 $ 150,000 (Leave no answer blank. Enter zero if applicable.) g. Prepare a tax basis balance sheet for the Evergreen partnership showing the tax basis capital accounts for the partners. Evergreen Partnership Tax Basis Balance Sheet Tax Basis Assets: Cash Equipment Land Totals $ Capital: Capital-Harry Capital-Sally Totals $ 0 0 What is Harry's $704(b) capital account balance immediately after formation? Numeric Response
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