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Partnership Problem - 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.
Determine Laurel's outside basis and Hardy's outside basis after each of them has contributed their property and cash to form the partnership.
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?
How much gain will Hardy report on his 2020 1040 return?
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