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Author Question: George transferred land having a $170,000 FMV and a $60,000 adjusted basis, which is subject to a ... (Read 80 times)

Mr3Hunna

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Question 1

Felicia contributes property with a FMV of $48,000 (adjusted basis $36,000) for a one-third interest in the partnership. The property is subject to a $24,000 mortgage. Betty (a one-third partner after Felicia's contribution) has an increase in her basis in the partnership of
◦ $0.
◦ $4,000.
◦ $8,000.
◦ $12,000.

Question 2

George transferred land having a $170,000 FMV and a $60,000 adjusted basis, which is subject to a $150,000 mortgage in exchange for a one-third interest in the GEF Partnership. The partnership owes no other liabilities. George, Elena, and Franz share profits and losses equally and each has a one-third interest in partnership capital. The basis to the partnership of the land transferred by George is
◦ $20,000.
◦ $60,000.
◦ $110,000.
◦ $170,000.


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Marked as best answer by Mr3Hunna on Sep 13, 2020

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Mr3Hunna

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Reply 2 on: Sep 13, 2020
Excellent


lcapri7

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Reply 3 on: Yesterday
Gracias!

 

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