Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. suzy contributed assets valued at $360,000 (basis

Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest...

90.2K

Verified Solution

Question

Accounting

Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in Suz-Anna GP (a general partnership). Anna contributed land and a building valued at $640,000 (basis of $380,000) in exchange for the remaining interest. Anna's property was encumbered by a qualified nonrecourse debt of $100,000, which was assumed by the partnership. The partnership reports the following income and expenses for the current tax year.

Sales $560,000 Utilities, salaries, and other operating expenses 360,000 Short-term capital gain 10,000 Tax-exempt interest income 4,000 Charitable contributions 8,000 Distribution to Suzy10,000 Distribution to Anna 20,000

At the end of the year, Suz-Anna held recourse debt of $100,000 for partnership accounts payable and qualified nonrecourse debt of $200,000.

Assume that Suz-Anna was formed as an LLC.

Suzy's ending basis in the LLC interest is $.

and the amount at risk in her LLC interest is $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

MICROBIOLOGY PRSENTATION Topic: streptococcus pneumonia Presentation title: you should think of a creative title for your presentation Format: PowerPoint...

Biology
Q

You cross the following two individuals: Individual 1: A/a;B/b;C1/C2 Individual 2: a/a;B/b;C1/C2 A is fully dominant, B...

Biology
Q

Try designing a 4 bit Multiplexer using two 2-bit multiplexer design given below and verify the...

Electrical Engineering
Q

5 A parallel beam of light 2 5890 A is incident on thin glass plate...

Physics
Q

Which of the following statement is incorrect Moment of inertia is independent of distribution of...

Physics
Q

1 Which inequality is represented by the following graph OC y 3x 2 OA y...

Geometry
Q

Wayne is hanging a string of lights 67 feet long around the three sides of...

Basic Math
Q

Break-Even Sales Currently, the unit selling price of a product is $125, the unit variable...

Accounting
Q

Duluth Ranch, Inc....

Accounting
Q

Derrick Iverson is a divisional manager for Holston Company. His annual pay raises are largely...

Accounting
Q

(TCO A) An auditor's independence is considered impaired if the auditor has: (Points : 5)...

Accounting
Q

Write an analysis assessing how this major economic event influenced supply, demand, and economic equilibrium...

Accounting