Question
T transfers a building ($90,000 market value; $40,000 basis), plus a $60,000 nonrecourse debt on the building, to a partnership in exchange for a 30%
T transfers a building ($90,000 market value; $40,000 basis), plus a $60,000 nonrecourse debt on the building, to a partnership in exchange for a 30% capital interest valued at $30,000. If T retains personal liability for the debt, what is T's basis in his partnership interest? A. ($2,000) B. $0 C. $40,000 D. $58,000
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Public Sector Accounting And Auditing In EuropeThe Challenge Of Harmonization
Authors: I. Brusca, E. Caperchione, S. Cohen, F Manes Rossi
3rd Edition
1137461330, 9781137461339
