13 The following information pertains to land contributed by Bea Dott for a 20% interest in anew partnership. The partnership had no debt before the contribution of this asset.Dott's adjusted basis$42,000Fair market value150,000Mortgage assumed by60,000partnershipHow much is Dott's gain on this exchange of property for a partnership interest?b. $6,000 c. $18,000 d. $60,000a. $0CPA BThe following information pertains to land contributed by Bea Dott for a 20% interest in anew partnership. The partnership had no debt before the contribution of this asset.Dott's adjusted basisFair market valueMortgage assumed bypartnershipa.$42,000150,00060,000How much is Dott's basis for her partnership interest?$0 b. $24,000 c. $27,000 d. $42,000 CPA May, 1987A

1. The correct answer is: (B) $ 6,000 Adjusted basis of land contributed $42,000Less: Share of…

The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. $42,000 150,000 60,000 Dott's adjusted basis Fair market value Mortgage assumed by partnership How much is Dott's gain on this exchange of property for a partnership interest? a. $0 b. $6,000 c. $18,000 d. $60,000 CPA B The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. a. Dott's sted basis Fair market value Mortgage assumed by partnership $42,000 150,000 60,000 How much is Dott's basis for her partnership interest? $0 b. $24,000 c. $27,000 d. $42,000 CPA May, 1987 A

The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. $42,000 150,000 60,000 Dott's adjusted basis Fair market value Mortgage assumed by partnership How much is Dott's gain on this exchange of property for a partnership interest? a. $0 b. $6,000 c. $18,000 d. $60,000 CPA B The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. a. Dott's sted basis Fair market value Mortgage assumed by partnership $42,000 150,000 60,000 How much is Dott's basis for her partnership interest? $0 b. $24,000 c. $27,000 d. $42,000 CPA May, 1987 A

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 1BCRQ

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Question

The following information pertains to land contributed by Bea Dott for a 20% interest in a
new partnership. The partnership had no debt before the contribution of this asset.
Dott's adjusted basis
$42,000
Fair market value
150,000
Mortgage assumed by
60,000
partnership
How much is Dott's gain on this exchange of property for a partnership interest?
b. $6,000 c. $18,000 d. $60,000
a. $0
CPA B
The following information pertains to land contributed by Bea Dott for a 20% interest in a
new partnership. The partnership had no debt before the contribution of this asset.
Dott's adjusted basis
Fair market value
Mortgage assumed by
partnership
a.
$42,000
150,000
60,000
How much is Dott's basis for her partnership interest?
$0 b. $24,000 c. $27,000 d. $42,000 CPA May, 1987
A

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