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Unformatted text preview: Compute Gain on Investment in Partnership Note: "PARTNER-1" is the one investing in the Partnership. 1 PARTNER-1's asset had a value of 2 PARTNER-1's asset had a BASIS of 3 Partnership capital % received by PARTNER-1 4 Partnership capital % of other partners 5 Partnership debt before investment 6 Partnership debt assumed by PARTNER-1 7 PARTNER-1's debt assumed by PARTNERSHIP 8 PARTNER-1's debt assumed by other PARTNERS 9 Excess of line 8 over lines 2 + 6 10 PARTNER-1's Gain-Positive Amt. on Line 9 PARTNER-1's Basis in partnership Interest 11 Asset basis to PARTNER-1 before contribution 12 Add: Partnership debt assumed by PARTNER-1 13 Less: PARTNER-1's Debt assumed by other partners 14 Partner-1's Basis - Cannot be negative Partnership basis in asset received. 15 PARTNER-1's asset basis (before contribution) 16 Add: Gain for invest co.(rare). No gain for excess debt 17 Partnership basis in asset invested...
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.
- Spring '08