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.) d. What is Albee LLC’s tax basis in its assets?     Tax basis

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Seth, Pete, Cara, and Jen form SPCJ Corp. (a controlled corporation) by contributing the following consideration: • Seth contributes furniture & fixtures (FMV = $96,000; Seth's basis = $30,000) • Pete contributes equipment (FMV = $99,000; Pete's basis = $45,000) • Cara contributes land (FMV = $90,000; Cara's basis = $15,000) • Jen contributes cash (FMV = $30,000) In exchange, Seth, Pete, Cara, and Jen receive the following: • Seth receives 30 shares of SPCJ Corp. plus $6,000 cash. Pete receives 30 shares of SPCJ Corp. plus $9,000 cash. • Cara receives 30 shares of SPCJ Corp. • Jen receives 10 shares of SPCJ Corp. Each share of SPCJ Corp. is worth $3,000. What is Seth's basis in his shares of SPCJ Corp.?

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*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

Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in Suz-Anna GP (a general part- nership in which both partners are active owners). Anna contributed land and a building valued at $640,000 (basis of $380,000) in exchange for the remaining 60% interest. Anna’s property was encumbered by qualified nonrecourse financing of $100,000, which was assumed by the partnership. The partnership reports the following income and expenses for the current tax year: Sales                                                                                                                    $560,000 Utilities, salaries, depreciation, and other operating expenses         360,000Short-term capital gain                                                                                  10,000 Tax-exempt interest income                                                                        4,000 Charitable contributions (cash)…

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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?