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Problem 1: Erica and Brett decide to form their new motorcycle business as an LLC. Each will receive an equal profits (loss) interest by contributing cash, property, or both. In addition to the members' contributions, their LLC will obtain a $60,000 nonrecourse loan from First Bank at the time it is formed. Brett contributes cash of $10,000 and a building he bought as a storefront for the motorcycles. The building has a FMV of $55,000, an adjusted basis of $40,000, and is secured by a $45,000 nonrecourse mortgage that the LLC will assume. What is Brett's outside tax basis in his LLC interest?
Option 1: $47,500. Option 2: Incorrect Option 3: $55,000. Option 4: $52,500. Option 5: $60,000.
Don Humes invested $40,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for th..
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Suppose you are planning to purchase a new car, 5 years from today, at an expected price of 28,000 dollars, how many dollars do you need to put into an account today, if the annual interest rate to be paid on the account is 8.0 percent per year? Supp..
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Hasbro is one of the world's leading toy manufacturers and maker of such popular board games as Monopoly, Scrabble, and Clue, among others. Listed here are selected aggregate transactions from a recent year (dollars in millions).
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