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What is jack and julie adjusted tax basis

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Reference no: EM132971069

Question - Jack and Julie are forming J&J partnership. Jack contributes $250,000 cash and Julie contributes real estate with an adjusted basis of $180,000 and a fair market value of $300,000. The real estate is subject to a $50,000 qualified nonrecourse liability (a mortgage). The liability is assumed by J&J and is shared equally by partners for basis purposes. Jack & Julie share equally in all partnerships profit and losses except for any precontribution gains, which must be allocated according to the statutory rules for a built-in-gain allocation.

Required -

What is Jack's and Julie's adjusted tax basis for their partnership interest immediately after the partnership is formed?

If the partnership sells the land contributed by Julie for $330,000 what is the tax gain allocated to each partner?

Reference no: EM132971069

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