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What is harry tax basis in his partnership interest

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Reference no: EM133073625

Question - Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership:

Harry: Basis Fair Market Value

Cash $ 30,000 $ 30,000

Land 100,000 120,000

Totals $ 130,000 $ 150,000

Sally:

Equipment used in a business 200,000 150,000

Totals $ 200,000 $ 150,000

How much gain or loss will Harry recognize on the contribution?

How much gain or loss will Sally recognize on the contribution?

How could the transaction be structured a different way to get a better result for Sally?

What is Harry's tax basis in his partnership interest?

What is Sally's tax basis in her partnership interest?

What is Evergreen's tax basis in its assets?

Reference no: EM133073625

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