4a.Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership: Basis Fair Market Value Harry: Cash $ 30,000 $ 30,000 Land 100,000 120,000 Totals $ 130,000 $ 150,000 Sally: Equipment used in a business 200,00
4a.Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership: Basis Fair Market Value Harry: Cash $ 30,000 $ 30,000 Land 100,000 120,000 Totals $ 130,000 $ 150,000 Sally: Equipment used in a business 200,00
Chapter21: Partnerships
Section: Chapter Questions
Problem 9BCRQ
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4a.Harry and Sally formed the Evergreen
|
Basis |
Fair Market Value |
Harry: |
|
|
Cash |
$ 30,000 |
$ 30,000 |
Land |
100,000 |
120,000 |
Totals |
$ 130,000 |
$ 150,000 |
Sally: |
|
|
Equipment used in a business |
200,000 |
150,000 |
Totals |
$ 200,000 |
$ 150,000 |
What is Harry’s tax basis in his partnership interest?
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