(please give me Answer within 10-40min.) Partnership(taxation)Assume that all partnership interestsexpressed as percentages are thosepercentages of bothprofits/losses and capital. Assume that allliabilities are recourse.a) Three individuals, C, D, and E, form CDELLC. CDE LLC does not "check the box" tobecome a corporation and therefore istreated as a partnership for tax purposes. Ccontributes land,AB 70 FMV 100 and cash of 20. Dcontributes inventory (in the hands of bothD and CDE), AB 50FMV 120. E contributes services. Inexchange, each partner receives a 1/3interest in the LLC.What are the consequences to all of theparties?(b) Same as (a) except that C's land issubject to an assumable mortgage of 30and has a FMV of130

a) Contributions are always recorded in FMV. Now, given that, C contributed= 100+20= 120 D…

Answered: Assume that all partnership interests…

Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

(please give me Answer within 10-40min.)

Partnership(taxation)
Assume that all partnership interests
expressed as percentages are those
percentages of both
profits/losses and capital. Assume that all
liabilities are recourse.
a) Three individuals, C, D, and E, form CDE
LLC. CDE LLC does not "check the box" to
become a corporation and therefore is
treated as a partnership for tax purposes. C
contributes land,
AB 70 FMV 100 and cash of 20. D
contributes inventory (in the hands of both
D and CDE), AB 50
FMV 120. E contributes services. In
exchange, each partner receives a 1/3
interest in the LLC.
What are the consequences to all of the
parties?
(b) Same as (a) except that C's land is
subject to an assumable mortgage of 30
and has a FMV of
130

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