Reference no: EM132764687
Question: Irene, Josh, and Larry form the IJL Partnership as equal partners. Irene contributes land and a building having a $45,000 adjusted basis and a $180,000 FMV that is subject to a $90,000 mortgage assumed by the partnership. The land and the building originally cost $180,000?, with $162,000 allocated to the building and $18,000 allocated to the land. Irene had claimed $135,000 of? straight-line depreciation on the building. Josh contributes cash of $90,000?, and Larry contributes land? (a capital? asset) having a $180,000 adjusted basis and a $90,000 FMV. All assets have been held for more than one year.
Assume the partners have an equal economic risk of loss.
a. What is the amount of Irene?'s recognized gain or loss on the? transfer?
b. What is Irene?'s basis in her partnership? interest?
c. What is Josh?'s basis in his partnership? interest?
d. What is the amount of Larry?'s recognized gain or loss on the? transfer?
e. What is Larry?'s basis in his partnership? interest?
f. What is the? partnership's basis for each of the contributed? properties?
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