John, Sal and Pam form a partnership to operate an accounting business. For each of the situations given below, indicate the amounts requested. a. John contributes property with a basis of $45,000 and subject to a $75,000 liability to the partnership for a one-third partnership interest, worth $105,000. The partnership assumes the liability. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities. b. Sal contributes property with a basis of $25,000 and a fair market value of $105,000 to the partnership for a one-third partnership interest. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities. c. Pam performs services valued at $105,000 for the partnership for a one=third interest in the partnership. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities.
John, Sal and Pam form a partnership to operate an accounting business. For each of the situations given below, indicate the amounts requested. a. John contributes property with a basis of $45,000 and subject to a $75,000 liability to the partnership for a one-third partnership interest, worth $105,000. The partnership assumes the liability. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities. b. Sal contributes property with a basis of $25,000 and a fair market value of $105,000 to the partnership for a one-third partnership interest. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities. c. Pam performs services valued at $105,000 for the partnership for a one=third interest in the partnership. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 29P
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John, Sal and Pam form a
a. John contributes property with a basis of $45,000 and subject to a $75,000 liability to the partnership for a one-third partnership interest, worth $105,000. The partnership assumes the liability.
- the amount of income or gain recognized by the partner
- the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities.
b. Sal contributes property with a basis of $25,000 and a fair market value of $105,000 to the partnership for a one-third partnership interest.
- the amount of income or gain recognized by the partner
- the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities.
c. Pam performs services valued at $105,000 for the partnership for a one=third interest in the partnership.
- the amount of income or gain recognized by the partner
- the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities.
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