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What will be basis each will have in the partnership

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Reference no: EM132519695

Question 1: What will be basis each of them will have in the partnership or corporation as well as the basis of the assets and liabilities to the partnership or corporation

Question 2: What will be the basis for corporation for each of them?

Andy will contribute the following:

Cash $10,000

Accounts Receivable $5,000

Inventory of Bicycles at cost $22,000 (sales value = $48,000)

Accounts Payable $2,000.

Floyd will contribute the following:

Cash $15,000

Land at cost $10,000 (market value $15,000)

Building

Cost $ 120,000 (market value $80,000)

Useful life 40 years

Residual Value $20,000

Accumulated depreciation to date $5,000 (2 years @ straight line method)

Mortgage payable $70,000, interest only, payable monthly, balance due in 8 years.

Reference no: EM132519695

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