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Naily [24]
2 years ago
13

Jed Castanza transfers $90,000 of cash to the JN partnership for a 60 percent interest in the JN partnership. Ned transfers a bu

ilding with an adjusted basis of $30,000 and a fair market value of $100,000, subject to a debt of $40,000 that the partnership assumes, in exchange for a 40 percent interest in the JN partnership. Determine each partner’s adjusted basis in his partnership interest. Does either partner recognize any gain on the transfer to the partnership
Business
1 answer:
mojhsa [17]2 years ago
8 0

Answer:

Their basis will be 90,000 for Mr Castanza

and 60,000 for Ned

Also Ned will recognize a capital gain for 70,000 when performing the transfer of the property. As his adjusted basis is 30,000 while the property value is 100,000

Explanation:

Mr Castanza

90,000 = 60%

Ned

100,000 - 40,000 = 60,000 = 40%

Total capital

90,000 + 60,000 = 150,000 = 100%

<u>Check for difference:</u>

90,000/150,000 x 60% = 90,000

60,000/150,000 x 40% = 60,000

Their basis will be 90,000 for Mr Castanza

and 60,000 for Ned

Also Ned will recognize a capital gain for 70,000 when performing the transfer of the property. As his adjustedbasis is 30,000 while the property value is 100,000

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Describe the difference between multitasking and combining tasks.
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5 0
3 years ago
Read 2 more answers
Based on the following information, determine the amount of equipment on the balance sheet. Total liabilities and owner's equity
hammer [34]

Answer:

$9,950

Explanation:

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