Unformatted text preview: contributed cash $10,000 and business property worth $70,000 (adjusted basis $20,000) for a 40% share. Required :  What is MLC’s initial balance sheet if Sec. 721 applies?  What gain (loss) is recognized by each partner and what are their bases in their partnership interest?...
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- Fall '08
- Corporation, Partnership Accounting, MOE, initial balance sheet, MLC Company