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.)   a. How much gain or loss will Jerry, Dave, and Kevan recognize on the contributions?       Jerry Dave Kevan Gain or loss recognized

*On June 1, Jaden contributed $7,000 and property, with an adjusted basis of $9,000 and a fair market value of $15,000, for a 20% share of Retro Classics, a business organized as a partnership. What is Jaden's beginning basis? (a) $7,000 (b) $9,000 (c) $16,000 (d) $22,000

Hakim contributed $30,000 of cash for a 40% interest in an architectural firm partnership. He also contributed a piece of equipment with an adjusted basis of $10,000, FMV of $15,000, and an attached liability of $8,000. What is Hakim's basis in his partnership interest? $35,200 $40,000 $44,800 Explain please! $48,000

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Newton is a one-third owner of ProRite Partnership. Newton has decided to sell his interest in the business to Betty for $50,000 cash plus the assumption of his share of ProRite’s liabilities. Assume Newton’s inside and outside bases in ProRite are equal. ProRite shows the following balance sheet as of the sale date:    Tax Basis FMV Assets     Cash $ 80,000 $ 80,000 Receivables 25,000 25,000 Inventory 40,000 85,000 Land 30,000 20,000 Totals $ 175,000 $ 210,000 Liabilities and capital     Liabilities $ 60,000   Capital— Newton 38,333   Capital— Barbara 38,334   Capital— Liz 38,333   Totals $ 175,000   What are the amount and character of Newton’s recognized gain or loss?

on June 1, john contributed $7,000 in cash and property with an adjusted basis of $9,000 and a fair market value of $15,000, for a 20% share of Be Great, a business organized as a partnership. What is john's beginning basis? (a) $7,000, (b) $9,000, (c) $16,000, (d) $22,000

Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $124,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $56,000 and was appraised at $180,000. The land was also encumbered with a $56,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $7,200 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: $ 480,000 470,000 70,000 1,500 600 Sales revenue Cost of goods sold Operating expenses Long-term capital gains §1231 gains Charitable contributions 300 Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) 300 3,000 c. Using the…

Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $3,000 and an adjusted basis of $2,500. What is Jerry's beginning partnership basis in the bookstore?