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Landry and Markus form L & M, LLC.Landry contributes Greenacre (FMV = 3,000; basis = 1,500; subject to 1,000 of non-recourse debt).  Landry also contributes equipment with a FMV = 1,000; basis = 1,000.   Markus contributes Whiteacre (FMV = 12,000; basis = 8,000; subject to 9,000 of non-recourse debt).  The partners share profits and losses equally.    Complete the partnership’s tax balance sheet.   Assets Book Tax Debt Book Tax Greenacre     NR – Green     Equipment     NR – White     Whiteacre     Capital           Landry           Markus                   2.  what are the proper allocation of the debt and calculation of outside basis

Landry and Markus form L & M, LLC.Landry contributes Greenacre (FMV = 3,000; basis = 1,500; subject to 1,000 of non-recourse debt).  Landry also contributes equipment with a FMV = 1,000; basis = 1,000.   Markus contributes Whiteacre (FMV = 12,000; basis = 8,000; subject to 9,000 of non-recourse debt).  The partners share profits and losses equally.    Complete the partnership’s tax balance sheet.   Assets Book Tax Debt Book Tax Greenacre     NR – Green     Equipment     NR – White     Whiteacre     Capital           Landry           Markus                   2.  what are the proper allocation of the debt and calculation of outside basis

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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  1. Landry and Markus form L & M, LLC.Landry contributes Greenacre (FMV = 3,000; basis = 1,500; subject to 1,000 of non-recourse debt).  Landry also contributes equipment with a FMV = 1,000; basis = 1,000.   Markus contributes Whiteacre (FMV = 12,000; basis = 8,000; subject to 9,000 of non-recourse debt).  The partners share profits and losses equally. 

 

Complete the partnership’s tax balance sheet.

 

Assets

Book

Tax

Debt

Book

Tax

Greenacre

 

 

NR – Green

 

 

Equipment

 

 

NR – White

 

 

Whiteacre

 

 

Capital

 

 

 

 

 

Landry

 

 

 

 

 

Markus

 

 

 

 

 

 

 

 

 

2.  what are the proper allocation of the debt and calculation of outside basis 

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