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Shirley and Timmy form ST, an equal partnership, with Shirley contributing land held for investment with a fair market value of $93800, and an adjusted
Shirley and Timmy form ST, an equal partnership, with Shirley contributing land held for investment with a fair market value of $93800, and an adjusted basis to her of $145200. Timmy contributes $93800 cash. The partnership operates as a real estate developer and holds Shirley's land as inventory. After 7 years from contribution, ST sells the land for $13700.
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South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
20th Edition
978-0357109144, 978-0357686652, 978-1305874824
