Too Taxed, LP is an accrual basis, calendar year limited partnership formed on

January $8,2023.$ Too Taxed, LP is comprised of $4$ equal $(25\%$ profits and capital

interest$)$ partners: Christina, Jordan, Michele, and Jerry. Christina is the general

partner, and Jordan, Michele, and Jerry are limited partners.

On formation of Too Taxed, LP$,$ the partners contribute the following:

Christina: $$310,000$ cash

Jordan: Land with adjusted basis of $$200,000$ and FMV of $$250,000$

Michele: Land with adjusted basis of $$50,000$ and FMV of $$150,000.$ The land is

encumbered by a $$100,000$ mortgage $($nonrecourse debt$)$ which Too Taxed, LP

assumes.

Jerry: $$150,000$ of consulting services

During the year, Too Taxed, LP has the following transactions:

Ordinary Income of $$200,000$ allocated in accordance with the partnership

agreement as follows:

Christina: $$75,000$

Jordan: $$75,000$

Michele: $$25,000$

Jerry: $$25,000$

Municipal Bond Income: $$10,000$

New Nonrecourse Loan: $$80,000$

Paid off the $$100,000$ mortgage contributed by Michele

Sale of the land contributed by Jordan: Sales proceeds of $$350,000$

Cash distributions made in accordance with the partnership agreement as

follows:

Christina: $$20,000$

Jordan: $$20,000$

Michele: $$40,000$

Jerry: $$150,000$