February Kay and Larry form the General Partnership equal partners contributing the following assets:
Kay purchased the equipment December for $$ Larry purchased the land March and subject $ liability, which the partnership assumes.
What each partner realized and recognized gain loss?
What each partner basis his her partnership interest? When does his her holding period begin?
Prepare the partnership's tax balance sheet.
Prepare the partnership balance sheet.
each partner sells his partnership interest tomorrow, how much gain loss will his her recognize? How these gains relate those part
