Kenisha and Shawna form the equal KS LLC, with a cash contribution of $726,000 from Kenisha and a property contribution (adjusted basi of $762,300, fair market value of $726,000) from Shawna. If an amount is zero, enter "0". a. How much gain or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any gain or loss? If so, how much? Shawna has realized is recognized. of $ of which $ b. What is Kenisha's tax basis in her LLC interest? $ The § 704(b) book basis? $ c. What is Shawna's tax basis in her LLC interest? The § 704(b) book basis? $

Kenisha and Shawna form the equal KS LLC, with a cash contribution of $726,000 from Kenisha and a property contribution (adjusted basi of $762,300, fair market value of $726,000) from Shawna. If an amount is zero, enter "0". a. How much gain or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any gain or loss? If so, how much? Shawna has realized is recognized. of $ of which $ b. What is Kenisha's tax basis in her LLC interest? $ The § 704(b) book basis? $ c. What is Shawna's tax basis in her LLC interest? The § 704(b) book basis? $

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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