![]() ![]() On July 1 of the current year, the unrestricted partnership capital interest (fair market value of $25,000) was transferred to Becky. She will also receive a 25% interest in future partnership profits. Because they decided the company needed some expertise in multimedia presentations, they offered Becky a 1/3 interest in partnership capital if she would come to work for the partnership. TAP has a basis of 120,000, 75,000, and 0 in the land. Which of the following tax treatments is not correct Group of answer choices. ![]() Pat contributed cash of 90,000 and a fully depreciated property (0 basis) with a fair market value of 60,000. TAP has a basis $ _ in the land Tim contributed $ _ in the land Al contributed and $ _ in the property Pat contributed? Sean and Robert formed the SeaRob Partnership four years ago. Al contributed cash of 90,000 and land with a basis of 75,000 (fair market value of 60,000). Pat realizes a gain of $_ and recognizes gain of $ _ d. Al realizes a loss of _ and recognizes a loss of _. ![]() Tim's basis in his partnership interest is $_ b. Transcribed image text: Tim, AI, and Pat contributed assets to form the equal TAP Partnership. Pat contributed cash of $60,000 and a fully depreciated property (so basis valued at $40,000. Pat realizes a gain of 40,000 but recognizes 0 gain. Al realizes and recognizes a loss of 10,000. Tim’s basis in his partnership interest is 120,000. Which of the following tax treatments is notcorrect a. Al contributed cash of S60,000 and land with a basis of $50,000 (fair market value of $40,000). Pat contributed cash of 60,000 and a fully depreciated property (0 basis) valued at 40,000. Tim contributed cash of $40,000 and land with a basis of $80,000 (fair market value of $60,000). Tim, AI, and Pat contributed assets to form the equal TAP Partnership. ![]()
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