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At the beginning of the year, Kanye contributed a piece of land (FMV = $300,000;...

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Accounting

At the beginning of the year, Kanye contributed a piece of land (FMV = $300,000; AB = $200,000) in exchange for a 50% capital and profit (and loss) interest in KW Partnership. KW reported the following income and expenses for the current tax year:

  • Sales revenue: $700,000
  • 1231 gain: $60,000
  • Long-term capital loss: $10,000
  • Qualified dividends: $10,000
  • W-2 wages paid to employees: $200,000
  • Utilities: $140,000
  • Rent: $180,000

No distributions were made this year.

What is Kanyes 704(b) book capital account balance at the end of the tax year?

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