At the formation of Berry Partnership, Straw contributes land with a basis of $60,000 and a fair market value of $180,000, and Rasp contributes cash of $180,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $300,000, Rasp must recognize a gain of how much?

23.Carolina and Alfonso form TikTuk general partnership. Each person receives an equal interest in the newly created partnership. Carolina contributes $15,000 of cash and land with an FMV of $60,000. Her basis in the land is $25,000. Alfonso contributes equipment with an FMV of $18,000 and a building with an FMV of $27,000. His basis in the equipment is $6,000, and his basis in the building is $12,000. How much gain must the TikTuk general partnership recognize on the transfer of these assets from Carolina and Alfonso? Explain your answer

Andy has an outside basis in Canine Partnership of $520,000.  The partnership distributes the following assets to Andy in a proportionate, non-liquidating distribution:   Land (fair market value of $6000,000 and basis to partnership of $240,000 Cash of $100,000 Accounts receivable (fair market value of $200,000 and basis of $0) How much gain of loss will Canine Partnership recognize from this distribution?

Tyler and Sarah  formed the equal TS Partnership on January 1 of the current year. A contributed $100,000 of cash and land with a fair market value of $112,500 and an adjusted basis of $93,750. Sarah contributed equipment with a fair market value of S212,500 and an adjusted basis of $25,000. Sarah had used the equipment in his sole proprietorship. Compute the following: Tyler's gain realized: 212,500 Sarah's gain realized: 212,500 Tylers's gain recognized: 118,750 Sarah's gain recognized: TS's gain recognized: Tyler's basis in his partnership interest: Sarah's basis in his partnership interest: