Question
Van makes an investment in an LLC in the current year. Van's capital contributions to the LLC consist of $30,000 cash and a building with
Van makes an investment in an LLC in the current year. Van's capital contributions to the LLC consist of $30,000 cash and a building with an adjusted basis of $70,000, subject to a nonrecourse liability (seller financing) of $20,000. Calculate the amount that Van has a risk in the LLC immediately after making the capital contributions.
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Principles Of Auditing
Authors: O. Ray Whittington, Kurt Pany, Walter B. Meigs
12th Edition
0256167796, 978-0256167795
