Question
Tom, Jerry and Remy decide to form a partnership: Using the data below, compute the inside basis for the partnership: What members bring to Partnership
- Tom, Jerry and Remy decide to form a partnership:
Using the data below, compute the inside basis for the partnership:
| What members bring to Partnership | Tom | Jerry | Remy |
| Cash | $ 1,000 | $ 2,000 | $ 3,000 |
| Inventory - FMV | $ 3,000 | $ 2,000 | $ 1,000 |
| Inventory - Tax basis | $ 1,000 | $ 2,000 | $ 3,000 |
| Land - FMV | $ 3,000 | $ 4,000 | $ 5,000 |
| Land - Tax basis | $ 5,000 | $ 4,000 | $ 3,000 |
| Vehicle - FMV | $ 3,000 | $ 4,000 | $ 5,000 |
| Vehicle - Tax Basis | $ 5,000 | $ 3,000 | $ 2,000 |
| A/R | $ 5,000 | $ 6,000 | $ 7,000 |
| A/P | $ 3,000 | $ 4,000 | $ 5,000 |
| Loans (transferred to partnership) | $ 2,000 | $ 4,000 | $ 6,000 |
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IRS Audit Protection And Survival Guide Bed And Breakfasts
Authors: Gerald F. Bernard, Daniel J. Baran
1st Edition
0471166340, 978-0471166344
