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Discuss tax partnership for tax filing purposes

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Noah, Sadie, and Maven form a LLC using tax partnership for tax filing purposes. Noah contributes $1 Million cash for a 1/3 interest in capital and profits. Sadie does the same. Maven contributes a patent with $1.3 million FMV with a $300,000 loan. The LLC takes over the loan. Maven also has a 1/3 interest in capital and profits. Maven has $600,000 tax cost (basis) in the patent.

Reference no: EM131814906

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