Solution-What is bonnie basis in her partnership interest

What is bonnie basis in her partnership interest

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Question - Bonie, Carlos and Dale form the BCD partnership as equal partners. Bonnie contributes land and a building having a 50,000 adjusted basis and a 200,000 FMV that is subject to a 100,000 mortage assumed be the partnership. The land and the building originally cost 200,000 with 180,000 allocated to the building and 20,000 allocated to the land. Bonnie had calimed 150,000 of straight line depreciation to the building. Carlos contributes cash of 100,000 and Dale contributes land ( acapital asset), having a 200,000 adjusted basis and 100,000 FMV. All assets have been held for more than one year. Assume the partnership has beem equal economic risk and loss.

a. What are the amount and character of Bonnie's recognized gain or loss on the transfer?

b. What is Bonnie's basis in her partnership interest?

c. What is Carlos's basis in his partnership interest?

d. What are the amount and character of Dale's recognized gain or loss on the transfer?

Reference no: EM132999676

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What is bonnie basis in her partnership interest

Reference no: EM132999676

Reference no: EM132999676

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