How can two partners each with a 50 interest in a

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How can two partners, each with a 50% interest in a partnership, have different amounts of outside basis at the formation of a partnership? Shouldn't the two partners contribute the same amount to have the same interest?

When a partnership receives an asset from a partner, does the partnership ever recognize a gain? What is the basis of the asset in the hands of the partnership after contribution?

Discuss the concept of steps into the shoes. Does how this concept pertains to the partnership, the partners, or both?

Why would smaller partnerships (and other businesses for that matter) use only the tax basis of accounting, which does not follow GAAP?

How is depreciation calculated by the partnership when a partner contributes a business asset?

Discuss the concepts of ordinary income and separately stated items concerning partnerships. When must a partnership item of income or loss be separately stated and why?

Reference no: EM13388307

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