Author Question: Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 while ... (Read 51 times)

jhjkgdfhk · **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.

mcabuhat · **Reply #1 on:** Sep 13, 2020

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