Maryanne owns a 50% interest. She contributed a computer system wit a fair value of $13000 and adjusted basis of $11000 to the partnership.Maryann outside basis
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Maryanne owns a 50% interest. She contributed a computer system wit a fair value of $13000 and adjusted basis of $11000 to the partnership.Maryann outside basis
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- Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record the equipment? A. $10,000 B. $9,000 C. $7,500 D. none of the aboveTamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp. Assume the partnership gives a current distribution to Tamara of $30,000 cash and land worth $20,000 (basis of $15,000). Determine the following: Basis of Tamara’s Partnership Interest____________________ 2. Basis of Land to Tamara__________________________Blake and Ryan form the Poole Partnership. Blake contributes cash of $15,000. Ryan contributes land with an adjusted basis of $10,000 and a fair market value of $21,000. The land is subject to a $6,000 mortgage that Poole assumes. Blake and Ryan both receive a 50 percent interest in Poole. What is Ryan's recognized gain or loss on the contribution? a.$11,000 loss b.$5,000 gain c.$16,000 gain d.$4,000 loss e.None of these choices are correct.
- Tamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp. a. Assume the partnership gives a current distribution to Tamara of $30,000 cash and land worth $20,000 (basis of $15,000). Determine the following: 1. Basis of Tamara's Partnership Interest_ 2. Basis of Land to Tamara b. Independent of part (a), assume the partnership gives a liquidating distribution to Tamara of $30,000 cash and two pieces of equipment. Equipment 1 is worth 3,000 (basis: 3,000) and equipment two is worth 2,000 (basis: 0). Compute the following: 1. Basis of Tamara's Partnership Interest 2. Basis of equipment 1 to Tama 3. Basis of equipment 2 to Tamara c. Tamara received a cash distribution of $25,500 from her S-Corp. Corporate-level accounts at the end of the year were as follows. $9,000 13,500 AAA OAA Accumulated E & P 900 Fill out the following table to determine how Tamara's…. During the formation of Matt partnership, Tom contributed property with an adjusted basis of $140,000 in exchange for a 25% interest in Matt. The fair market value of the contributed property was $175,000 and the property was encumbered by nonrecourse debt with a balance of $130,000. What amount of gain should Tom recognize from contributing property to the Weaver partnership?William, Xavier and Zelda formed WXZ Partnership. William contributed land with a fair market value of $50,000 (basis of $10,000) in exchange for a 50% interest (capital and profits/losses). Zelda contributed services worth $30,000 in exchange for a 40% profit interest (profit interest only; no capital interest). Xavier owns the remaining interest in the partnership. What is the amount of William's recognized gain on the contribution of land in exchange for his interest in the partnership?
- Nhia and Maya are each 50% owners (capital & profit/loss interest) of NM Partnership. Nhia contributed land (FMV = $100,000; AB = $10,000) to the partnership in exchange for her 50% interest, and Maya contributed $100,000 cash in exchange for her 50% partnership interest. Assume that shortly after Nhia contributed the land, NM made a distribution of $100,000 to Nhia. What amount of gain does Nhia recognize on the transaction?Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the new formed ZAT Partnership. All other partners contributed cash and ZAT partnership has no liabilities. What is Zoey’s basis in her partnership interest in ZAT Partnership?
