PLLC_Chapter2_Solutions.pdf - Practical Guide to...

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Practical Guide to Partnerships and LLCs—Instructor’s Guide Solutions1Chapter 2 – Partnership Formation and Computation of Partner BasisReading:Paragraphs 201-206.1.If a partner contributes appreciated property to a partnership, and thepartnership later sells the property, how will the deferred gain be allocatedbetween the partners?
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2.Suppose a partner contributes appreciated property to a partnership and thenlater sells his partnership interest for a gain.Is there any way for the partnershipto adjust the basis of the partnership property upward?
3.What is the one transaction which will cause an inside-outside basis disparity,but does not allow a Code Sec. 754 election?
4.What amount is a contribution of property recorded at for tax purposes and whatamount is it recorded at for book purposes?
5.How does a partner determine the holding period of his partnership interest?

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