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Compute Devin basis in his partnership interest

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Reference no: EM132787223

Problem - Devin contributes land to the newly formed DN Partnership in exchange for a 30% interest. The land has an adjusted basis and fair market value of $300,000 and is subject to a liability of $100,000, which the partnership assumes. None of this liability is repaid at year-end. At the end of the year, the partnership has trade accounts payable of $20,000. Assume all liabilities are allocated proportionately to the partners. Total partnership income for the year is $400,000.

Required - Compute Devin's basis in his partnership interest in DN Partnership at the end of the year.

Reference no: EM132787223

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