Reference no: EM132515207
Question - Tom and Jerry create partnership and are equal partners.
Tom brings a piece of equipment to create the partnership: Fair Market Value of the equipment is $600,000, Adjusted basis is $300,000 and the equipment has a loan of $50,000 that will be assumed by the partnership.
Jerry brings a building to create the partnership: Fair Market Value of the building is $500,000, Adjusted basis is $200,000 and the building has a mortgage of $100,000 that will be assumed by the partnership.
1) What is the total liability assumed by the partnership?
2) What is the partnership's basis in the contributed assets?
3) What is Tom realized gain?
4) What is Jerry realized gain?
5) What is Tom recognized gain?
6) What is Jerry recognized gain?
7) What is Tom basis in the partnership?
8) What is Jerry basis in the partnership?
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