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Determine laurel outside basis and hardy outside basis

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Laurel and Hardy form a 50/50 partnership (HaHa Partners) in 2018. Laurel contributes land with a fair market value of $700,000 and an adjusted basis of $500,000. The land is subject to a $250,000 mortgage which the partnership assumes. Hardy contributes $450,000 of cash.

Question 1: Determine Laurel's outside basis and Hardy's outside basis after each of them has contributed their property and cash to form the partnership.

Question 2: In 2020, the partnership sells the land (originally contributed by Laurel) for $900,000. How much gain will Laurel report on his 2020 1040 return?

Question 3: How much gain will Hardy report on his 2020 1040 return?

Reference no: EM132913845

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