acc 401 - week 5 - Chap14 48 Partnership&...

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 Chap 14 Partnership & Corporation   -  Assignmen 48 Denise contributes the following assets to a partnership in exchange for a 25% p FMW Basis Beginnin Cash $20,000  $20,000  Office equipment $12,000  $5,000  Auto  $20,000  $6,000  What is Denise's beginning basis in her partnership interest? 49 A. What is Patti's basis in her partnership interest? B. What is Patti's holding period of her partnershioo interest? C. What is the basis of the equipment in the hands of the partnership? D. What is the holding period of the equipment in the hands of the partnership? E. How will the Partnership depreciate the equipment in the year of contribution? 52 On June 1, of the current year, Patti contributes equipment with a $45,000 basis  exchange for a partnership interest.  She purchases the equipment three years a Kerry is a partner in Kerry, Davis, Smith & Jones Partnership.  Kerry owned 25% 30, 2009, whe he bought Jone's 25% interest.  He owned 50% from the rest of th
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