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What is Bobby adjusted outside basis in the partnership

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Reference no: EM132979031

Question - Bobby transfers a piece of land to Partnership EAN for a partnership interest. The land had an adjusted basis in Bobby's hands of $50 and a fair market value of $200 and was subject to a mortgage of $30. Bobby receives a capital account in EAN of $170 an a 10% profit interest. EAN has no liabilities prior to the time of the transfer.

-Does Bobby recognize a gain or loss on the receipt of the partnership interest? If yes, then enter the amt, if no enter $0

-What is Bobby's adjusted outside basis in the partnership interest he receives?

-What is EAN's adjusted basis in the land?

Reference no: EM132979031

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