Chapter 13, Problem 13.14DMP

ABC, LLC (ABC) was formed on January 1, 2023, with the partners making the following contributions: Partner Contributions   Georgia (40%) $125,000 cash, Whiteacre (FMV $187,500; Basis $75,000); Blueacre (FMV $625,000; Basis $250,000; subject to NR debt of $437,500); each property held 6 years prior to contribution  Megan (30%) $375,000 cash   John (20%) Greenacre (FMV $250,000; Basis $312,500); held for 2 years prior to contribution   Willie (10%) $125,000 cash ABC's business activity began on January 1, 2023, and it is a calendar year taxpayer. It specializes in the sale of hiking equipment and outdoor clothing. On the first day of the year, ABC purchased equipment for $787,500 by paying $625,000 cash and taking out a non-recourse loan from County Bank for $162,500. County Bank required Georgia and Megan to each execute a legally binding personal guarantee for $62,500 ($62,500 guarantee for each, of the total $162,500 principal).  Assume the equipment purchased is 7-year…

Good Day,  Kindly assist me with the following Query. Regards

Good Day,   Kindly assist with the below query