Question
Tom is talking to his friend Bob, who has an interest in Freedom, LLC, about purchasing his LLC interest. Bob's outside basis in Freedom, LLC
Tom is talking to his friend Bob, who has an interest in Freedom, LLC, about purchasing his LLC interest. Bob's outside basis in Freedom, LLC is $5,000. This includes his $1,500 one-fourth share of the LLC's debt. Bob's 704(b) capital account is $12,000. If Tom bought Bob's LLC interest for $7,000, what would Tom's outside basis be in Freedom, LLC?
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Auditing a risk based approach to conducting a quality audit
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
9th edition
9781133939160, 1133939155, 1133939163, 978-1133939153
