Tax 6137 problem on page 50 8th ed TAX BASIS

Tax 6137 problem on page 50 8th ed TAX BASIS - Contingent...

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PROBLEM 1(D), PAGE 50 ANALYSIS OF PARTNER C’S CONTRIBUTION (TAX BASIS): PARTNER’S BOOKS PARTNERSHIP’S BOOKS Cash $30 Land 10 Non-Recourse Debt $30 Equity 10 Partner’s Status with Non Recourse Debt Prior to Contribution – assume land was acquired by gift with a FMV of 60 and basis of 10 and used as collateral for the loan. Investment in Partnership $10 Land $10 Land $10 Capital – C $10 Partner’s Contribution of Land Partnership Receipt of Land Non-Recourse Debt $30 Capital – C $10 Investment $6.67 Liabilities $10
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Unformatted text preview: Contingent Liabilities 3.33 Minimum Gain Liability 20.00 Partners Transfer of Liability Partnerships Receipt of Liability SUMMARY SUMMARY Investment in Partnership $3.33 Land $10 Non-Recourse Debt 30.00 Liabilities $10 Land $10.00 Contingent Liabilities 3.33 Minimum Gain Liability 20.00 ENDING BALANCES ENDING BALANCES Cash $30.00 Land $10 Investment in Partnership 3.33 Liabilities $10 Contingent Liabilities $3.33 Minimum Gain Liability 20.00 Equity 10.00...
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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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