Sam sue and shelley formed a partnership sam received a 50

Reference no: EM13593727

Sam, Sue, and Shelley formed a partnership. Sam received a 50 percent interest in the partnership in exchange for land with an adjusted basis to him of $30,000 and a fair market value of $50,000. Sue received a 25 percent interest in the partnership in exchange for $25,000 of cash. Shelley received a 25 percent interest in the partnership in exchange for $25,000 of cash. Three years after the date of contribution, the land contributed by Sam was sold by the partnership to an unrelated third party for $90,000. How much gain was required to be allocated to Sam as a result of the sale by the partnership?

Reference no: EM13593727

Questions Cloud

Abc s-corporation had 200000 of ordinary income in 2013 abe : abc s-corporation had 200000 of ordinary income in 2013 abe an 80 owner contributes white machine in an irc section 351

A meterstick is moving by an observer in a direction : a meterstick is moving by an observer in a direction parallel to its length. the speed of the meterstick is .49c. what

What is the magnitude of the net torque t on the : a small current loop of area a 0.0008 m2 and moment of inertia i 6.9e-07kgm2 carries a currentnbsp i 0.0039a with

Jim one of two equal partners of the jj partnership a : jim one of two equal partners of the jj partnership a general partnership contributed business property with an

Sam sue and shelley formed a partnership sam received a 50 : sam sue and shelley formed a partnership. sam received a 50 percent interest in the partnership in exchange for land

In the current year sue received a liquidating distribution : in the current year sue received a liquidating distribution of real estate from utsrq partnership a general

What will be the speed of each of the latter the mass of : a k0 particle at rest decays spontaneously into a p and a p- particle. what will be the speed of each of the latter?

The amount of charge that passes through the filament of a : the amount of charge that passes through the filament of a certain lightbulb in 2.00 s is 1.67c.a find the current in

A patient is undergoing open-heart surgery a sustained : a patient is undergoing open-heart surgery. a sustained current as small as 25mua can be fatal. assume that the heart

User Account

All Pages