form this partnership, Oscar contributed manufacturing equipment with a FMV of $1,000,000 and a basis of $100,000. Andy contributed $400,000 of cash and land with a fair market value of $800,000 and a basis of $500,000. The equipment contributed by Oscar was not encumbered by debt. The land contributed by Andy had a $200,000 mortgage (qualified nonrecourse debt) which was assumed by FELINE\&CANINE Partnership. a. Determine the basis that Oscar and Andy each have in their partnership interest in FELINE\&CANINE after forming FELINE\&CANINE partnership. (In other words, what are their outside bases?) b. During 2022, FELINE\&CANINE Partnership had non-separately stated loss (ordinary operating loss) of $(80,000), a long-term capital gain of $20,000. In 2022 , they refinanced the $200,000 mortgage and now have a total of $250,000 of qualified non-recourse debt. 1. What items of income will Oscar report on his 1040 return? 2. What is Oscar's outside basis in his partnership interest at the end of 2022 
Other questions asked by students
Chemistry
Chemistry
Biology
Physics
Basic Math