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What is Cosmo tax basis in his partnership interest

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Reference no: EM132846369

Question - Cosmo contributed land with a fair market value of $542,500 and a tax basis of $132,750 to the Y Mountain partnership in exchange for a 30 percent profits and capital interest in the partnership. The land is secured by $184,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt.

Required -

1. How much gain will Cosmo recognize from the contribution?

2. What is Cosmo's tax basis in his partnership interest?

Reference no: EM132846369

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