arry 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
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 business $200,000 $150,000
Totals $200,000 $150,000
- Prepare a tax basis
balance sheet for the evergreen partnership showing the tax capital accounts for the partners.
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