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Author Question: Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 while ... (Read 110 times)

jhjkgdfhk

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on: Sep 13, 2020

Question 1

Chen contributes a building worth $160,000 (adjusted basis $180,000) and $40,000 in services to a partnership for a partnership interest. Chen's basis in the partnership interest is
◦ $160,000.
◦ $180,000.
◦ $200,000.
◦ $220,000.

Question 2

Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 while Lois contributed land with a $90,000 adjusted basis and a $160,000 FMV. Three years later the land is sold for $210,000. The tax results to Clark and Lois are
◦ $25,000 of gain to both Clark and Lois.
◦ $50,000 of gain to both Clark and Lois.
◦ $25,000 of gain to Clark and $70,000 gain to Lois.
◦ $25,000 of gain to Clark and $95,000 gain to Lois.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by jhjkgdfhk on Sep 13, 2020

mcabuhat

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jhjkgdfhk

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

aliotak

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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