tim al and pat contributed assets to form the equal tap

Haley Lauren and timmie formed HL and see a general Partnership is equal Partners Haley contributed. Haley Lauren and timmie formed HL and see a general.

What gain or loss is recognized as a result. Assume that the partnershipĬontinues in existence and has no hot assets. At that time, Dudley's basis in his LLC interest was $50,000Īnd Nicki's basis was $60,000. Value was $200,000, the LLC distributed that property to partner The fair market value at theĬontribution date was $115,000. Ten years ago, Dudley contributed land to the Prosperity LLC. Ten years ago, Dudley contributed land to the Prosperity LLC.The AlphaBeta Partnership will assume the mortgage on $120,000 in exchange for a 50 percent interest in the AlphaBeta Partnership a building with an adjusted basis to Bob of $50,000 andĪ fair market value of $150,000 that was subject to a mortgage of At the same time, Bob contributed to the AlphaBeta Al contributed to the AlphaBeta Partnership, a general partnership,Īl contributed to the AlphaBeta Partnership, a general partnership,Ĭash of $30,000 in exchange for a 50 percent interest in the Alpha.What is the gain recognized to the partnershtp as a result of these contributions? $0. Dot contributed $20,000 cash and rendered legal and financial services worth $20,000, for a 40% interest. Rip contributed cash of $10,000 and property with a baals of $5,000 and a fair market value of $50,000, for a 60% Interest. USE THE FOLLOWING INFORMATION FOR QUESTIONS 1-4. USE THE FOLLOWING INFORMATION FOR QUESTIONS 1-4.

Tim al and pat contributed assets to form the equal tap