Basis in the partnership interest

Reference no: EM13121061

Hal contributes property with abasis of $45,000 and subject to a $75,000 liability to the partnership for one-third partnership interest worth $105,000. The partnership assumes the liability. What is the income or gain recognized? What is his basis in the partnership interest?

Reference no: EM13121061

Questions Cloud

What is the molarity of a solution : What is the molarity of a solution that contains 41.0 g of vitamin B1 hydrochloride (molar mass = 337 g/mol}) in 280 mL of solution?

Explain why a decision maker might feel uncomfortable : Explain why a decision maker might feel uncomfortable with the expected value approach, and decide to use a non-probabilistic approach even when probabilities are available.

Find probability that average number of study is in range : Simple random sample from the students in the university. Find the probability that the average number of study hours for this group is between 21 and 23 hours.

How much gain must troy recognize on his home : Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000.

Basis in the partnership interest : What is the income or gain recognized? What is his basis in the partnership interest?

Determine belief to use for one of plan : From the past experience he knows that he population standard deviation is three days in testing to determine his blief he could use one of the following plans n=100 a=.01 n=75, a=.o5 n=50, a=.10.

What is the percentage yield of the reaction : Phosphorous trichloride (PCl3) is produced from the reaction of white phosphorous (P4) and chlorine: P4(s) + 6 Cl2(g) → 4 PCl3(g) . A sample of PCl3 of mass 298 g was collected from the reaction of 75.37 g of P4 with excess chlorine.

Balance of mortgage payable : The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.

Catbird seat : Write an essay on "Catbird Seat" it must have atleast 400 words.

User Account

All Pages