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lbvjy [14]
3 years ago
11

Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and p

rofits interest in the partnership.
Basis Fair Market Value Harry:
Cash $30,000 $30,000
Land $100,000 $120,000
Totals $130,000 $150,000
Sally:
Equipment used in business $200,000 $150,000
Totals $200,000 $150,000
a. How much gain or loss will Harry recognize on the contribution?
b. How much gain or loss will Sally recognize on the contribution?
c. Should Sally consider selling the property to the partnership rather than contributing it?
A. Yes
B. No
Business
1 answer:
Marina CMI [18]3 years ago
6 0

Answer:

a) $0

Generally, partners recognize gain on property contributed to a partnership only when the cash they are deemed to receive from debt relief exceeds their basis in the partnership prior to the deemed distribution. Harry did not have any debt relief.

b) $0.

Partners may never recognize loss when property is contributed to a partnership even when they are relieved of debt.

c) Sally should consider selling the property to the partnership rather than contributing it. By selling the property, she could recognize the $50,000 built-in loss on the equipment.

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Answer:

I agree with Carr's position.

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3 years ago
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adoni [48]

Answer:

A. Require all employees to wear slip resistant shoes.

<u></u>

<u>Options for this question</u>

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