35,000 $455,000 Ey secured by the land equals
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- Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: Cash Land* Totals Basis $ 15,000 120,000 Assets: Cash Land Totals Liabilities and capital: Mortgage debt $ 15,000 440,000 $ 135,000 $ 455,000 *Nonrecourse liability secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand. Capital-Kevan Capital-Jerry Capital-Dave Totals e. Prepare a tax basis balance sheet for Albee LLC showing the tax capital accounts for the members. What is Kevan's share of the LLC's inside basis? Note: Enter any capital account with a debit balance as a negative amount. Albee, LLC Tax Basis Balance Sheet Fair Market Value Tax Basis $ $ 120,000 120,000 0Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000 440,000 Totals $135,000 $455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) c. What tax basis do Jerry and Dave have in their LLC interests? Jerry Dave Tax basisRequired information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: Cash Land* Totals Tax basis Fair Market Value *Nonrecourse liability secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand. Basis $ 15,000 120,000 $ 15,000 440,000 $ 135,000 $ 455,000 g. If the lender holding the nonrecourse liability secured by Kevan's land required Kevan to guarantee 1/3 of the liability and Jerry to guarantee the remaining 2/3 of the liability when Albee LLC was formed, what are the members' tax bases in their LLC interests? Kevan $285,000 X Answer is complete but not entirely correct. Jerry $ 285,000 $ Dave 285,000
- Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000 440,000 Totals $135,000 $455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) b. What is Kevan’s tax basis in his LLC interest? Jerry Dave Kevan Gain or loss recognizedKevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000 440,000 Totals $135,000 $455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) e. Prepare a tax basis balance sheet for Albee LLC showing the tax capital accounts for the members. What is Kevan’s share of the LLC’s inside basis? (Enter any capital account with a debit balance as a negative amount.) Albee , LLC Tax Basis Balance Sheet Tax Basis Assets: Cash Land Totals Liabilities and capital: Mortgage debt Capital-Kevan Capital-Jerry Capital-Dave TotalsKevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000 440,000 Totals $135,000 $455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) d. What is Albee LLC’s tax basis in its assets? Tax basis
- Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000 440,000 Totals $135,000 $455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) g. If the lender holding the nonrecourse debt secured by Kevan’s land required Kevan to guarantee 33.33 percent of the debt and Jerry to guarantee the remaining 66.67 percent of the debt when Albee LLC was formed, what are the members’ tax bases in their LLC interests? Kevan Jerry Dave Tax basisKevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000 440,000 Totals $135,000 $455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) f. If the lender holding the nonrecourse debt secured by Kevan’s land required Kevan to guarantee 33.33 percent of the debt and Jerry to guarantee the remaining 66.67 percent of the debt when Albee LLC was formed, how much gain or loss will Kevan recognize? Gain or loss recognizedItem Nos. 6 and 7 are based on the following information: The following are the capital balances and profit and loss ratios of the partners Mona, Nona, and Ona: Capital Profit & Loss Ratio Mona- P 20,000 20% Nona 10,000 30% Ona- 5,000 50% Total-- P 35,000 100% After realization of the assets and payment of liabilities, the cash available for distribution was P 18,000. Any capital deficiency is uncollectible. 6. What was the loss on realization? a. P 15,000. C. P 17,000. b. P 16,000. d. P 18,000. 7. How should the cash be distributed? b. a. Mona, P 3,600; Nona, P 5,400; and Ona, P 4,000. Mona, P 6,000; Nona, P 6,000; and Ona, P 6,000. c. Mona, P 15,200; Nona, P 2,800; and Ona, P O. d. Mona, P 18,000; Nona, P 0; and Ona, PO.
- Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Fair Market Value Basis Kevan: Cash Land* $ 15,000 120,000 $ 15,000 Totals $ 135,000 440,000 $455,000 *Nonrecourse liability secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand. b. What is Kevan's tax basis in his LLC interest? Tax basisWhen High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC:Basis Fair Market ValueCash $20,000 $20,000Land* 100,000 360,000Totals $120,000 $380,000*nonrecourse debt secured by the land equals $160,000+James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest.Following the format in Exhibit 20-2, prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members.Problem: Kiko Contis and Heaven Santos formed a partnership with the contributions: - Kiko Contis contributed a parcel of land which costs his father P100,000. The land has a fair market value of P150,000 when the land was inherited by him 3 years ago and currently has a fair market value of P 200,000 and cash of 50,000. - Heaven Santos on the other hand contributed sufficient cash equal to 3/4 of Kiko Contis capitalization. Questions 1. At what amount should land be valued in the partnership book? 2. At what amount should Kiko Contis capital account be credited? 3. Assuming that the land is sold for 220,000 a week after the formation, what amount should be recorded as Contis' capital account balance during the partnership formation? Please provide Solutions in good format. Thanks tutors.