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Question :
Annie, Carla and Betty formed the ABC partnership. They contributed the subsequent assets.
Annie contributed cash of $20000 and services valued at $60000.
Betty contributed land with a basis of $50000 and FMV of $105000. Attached to the land is a mortgage of $40000 considering by the partnership. Betty received cash of $5000.
Carla contributed inventory with a basis of $10000 and FMV of $20000. She also contributed a building with a basis of $30000 and a FMV of $60000. Attached to the building is a mortgage of $20000 considered by the partnership.
Annie owns 40 percent of the partnership and Betty and Carla each own 30% of the partnership.
For each partner answer the subsequent;
How much is recognized profit?
How much is each partner's basis in the partnership?
What is the partnership's basis in the assets contributed?
How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
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