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Taxpayers A & B form a partnership, and taxpayer A contributes appreciated property with FMV of $ 75,000, adjusted basis of $25,000, for 75% Interest
Taxpayers A & B form a partnership, and taxpayer A contributes appreciated property with FMV of $ 75,000, adjusted basis of $25,000, for 75% Interest in the partnership. Taxpayer B contributes $ 25,000 for a 25% interest. At a later point, the property is sold for $ 135,000
The allocation of profits to taxpayer A is _______________
and taxpayer B is.__________________
Show your calculations_________________
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