(please give me Answer within 10-40min.) Partnership(taxation)Assume that all partnership interestsexpressed as percentages are thosepercentages of bothprofits/losses and capital. Assume that allliabilities are recourse.a) Three individuals, C, D, and E, form CDELLC. CDE LLC does not "check the box" tobecome a corporation and therefore istreated as a partnership for tax purposes. Ccontributes land,AB 70 FMV 100 and cash of 20. Dcontributes inventory (in the hands of bothD and CDE), AB 50FMV 120. E contributes services. Inexchange, each partner receives a 1/3interest in the LLC.What are the consequences to all of theparties?(b) Same as (a) except that C's land issubject to an assumable mortgage of 30and has a FMV of130

a) Contributions are always recorded in FMV. Now, given that, C contributed= 100+20= 120 D…

Answered: Assume that all partnership interests…

Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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