What is the total ordinary income from business activities passed through by the partnership for...
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What is the total ordinary income from business activities passed through by the partnership for the 2017 tax year? o 1. $162,400 2. $156,000 o 3. $158,000 o 4. $150,000 QUESTION 9 Leslie contributes a building worth S88,000, with an adjusted basis of $48,000, to a partnership in exchange for a 50 percent interest in the partnership's capital and profits. What is the amount of Leslie's basis in her partnership interest immediately after the contribution? 1. $40,000 2. $38,000 o 3 $48,000 o 4. $88,000 QUESTION 10 Rob. Bill, and Steve form Big Company. Rob performs $45,000 of services for his shares of the company. Bill transferred property with a basis of S5,000 for S75,000 of stock. Steve contributes cash of $100,000 for his shares. Which of the three must recognize income in the year of the formation? 1.Rob, Bill, Steve o 2. Rob o 3. Bill, Steve 4
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