Three individuals want to start a catering company and to...

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By signing my name below, I affirm that I have not accepted or discussed and will not provide or discuss information about the contents of this assignment from, to, or with another student. Print Your Name Clearly :_______________________ Signature: _______________________ Print Your Section Number (e.g. T/TH 9 am or Sec. 006): ______________________________ Assignment 9 (Chapter 20) (Total Possible Points: 100) ACCT 351/551 Note : Please submit your answers (with supporting computations) onto Blackboard. Make sure the different problems and answers are clearly marked. If a multipart question, make sure it is clear which part the answer relates to. In addition, make sure to circle, highlight, or double underline your final answers. If you make it too difficult to find the answer within your work, I will not count the answer correct. If you have multiple answers, I will not count it correct even if one of the answers is correct. Staple multiple pages together and make sure your name is on each page. If pages come loose without a name, the grading will be only on what is left attached. Show your work throughout. If your answer is wrong and you do not show your work, then I cannot offer any partial credit. Round dollar amounts to the nearest dollar ($3,500.0372 $3,500). 1. Three individuals want to start a catering company and to operate it as an LLC, which will receive partnership tax treatment as the default for tax purposes. Chen contributes a van for transporting the food with a fair market value of $32,000 and an adjusted tax basis of $29,000 for a 25 percent profits and capital interest. Bo contributes a bakery shop with a fair market value of $230,000 and an adjusted tax basis of $175,000 for a 50

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