Tax 6137 problem on page 50 8th ed BOOK BASIS

Tax 6137 problem on page 50 8th ed BOOK BASIS - Minimum...

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PROBLEM 1(D), PAGE 50 ANALYSIS OF PARTNER C’S CONTRIBUTION (BOOK BASIS): PARTNER’S BOOKS PARTNERSHIP’S BOOKS Cash $30 Land 60 Non-Recourse Debt $30 Equity $60 Partner’s Status with Non Recourse Debt Prior to Contribution Investment in Partnership $60 Land $60 Land $60 Capital – C $60 Partner’s Contribution of Land Partnership Receipt of Land Non-Recourse Debt $30 Capital – C $30 Investment $10 Liab. – NRD to C $20
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Unformatted text preview: Minimum Gain Liability 20 Liab. – NRD to all 10 Partner’s Transfer of Liability Partnership’s Receipt of Liability SUMMARY SUMMARY Investment in Partnership $50 Land $60 Non-Recourse Debt 30 Liabilities $30 Land $60 Minimum Gain Liability 20 ENDING BALANCES ENDING BALANCES Cash $20 Land $60 Investment in Partnership 50 Liabilities $30 Minimum Gain Liability 20...
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This note was uploaded on 09/16/2011 for the course TAX 6137 taught by Professor Andrewjudd during the Spring '11 term at University of Central Florida.

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