Question
When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000.
When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both partners received a 50% interest in partnership profits and capital.
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South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
39th Edition
9781305399884
