Nan and Lew formed an equal partnership. Nan contributes property with an adjusted basis of $75,000 to a partnership. The property has a fair market value of $120,000 on the date of the contribution.   a. What is the partnership’s basis in the property contributed by Nan?   $ _________________   b. What is the amount of gain recognized by Nan in this transaction?   $ __________________   c. Lew performs services valued at $105,000 for the partnership for his one-third interest in the partnership.   Income or gain recognized $______

A and B formed the equal AB 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. B contributed equipment with a fair market value of $212,500 and an adjusted basis of $25,000. B had used the equipment in his sole proprietorship. Compute the following: A's gain realized B's gain realized A's gain recognized B's gain recognized_ AB's gain recognized A's basis in his partnership interest B's basis in his partnership interest

Which statement is true with respect to the tax treatment of a partnership __________?     A partnership files an annual information return and the income and expenses associated with the business are reported on the Partners' individual returns.     A partnership is required to pay tax annually on its taxable business income     A partnership is required to pay tax on gains from the sale of partnership owned assets     None of the above

can you please help answer this

Thomas and Sandy are forming a partnership. Thomas will invest a truck with a book value of $9600 and a fair value of $14400. Sandy will invest a building with a book value of $29400 accumulated depreciation of $14500, and a fair value of $42000. After the assets of Thomas and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets? O $56400 O $43800 O $51600 O $39000

Subject: acounting

(J)  The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits or losses be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $65,000, Pickett contributed $39,000 and Nelson contributed $13,000. In the partnership's first year of operation, it incurred a loss of $184,500. What amount of the partnership's loss is allocated to Nelson?  Multiple Choice : $46,125  $92,250  $61,500  $20,500  $0

c.  Neil has a partnership basis of $100,000. He receives $40,000 of cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partnership basis of $20,000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. He will recognize no gain or loss  of $fill in the blank 5f4d5d0af074052_2. The capital asset is allocated a basis of $fill in the blank 5f4d5d0af074052_3 and the inventory will have a basis of $fill in the blank 5f4d5d0af074052_4. d.  Oscar has a partnership basis of $40,000. He receives a distribution of $10,000 of cash and an account receivable with a basis of $0 to the partnership (value is $15,000). He will recognize a   of $fill in the blank 7faaeffda02801c_2.

Cosmo contributed land with a fair market value of $362,500 and a tax basis of $102,000 to the Y Mountain Partnership in exchange for a 30 percent profits and capital interest in the partnership. The land is secured by a $142,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any liability. b. What is Cosmo's tax basis in his partnership interest? Please only typing answer

6a.Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership:   Basis Fair Market Value Harry:     Cash $ 30,000 $ 30,000 Land 100,000 120,000 Totals $ 130,000 $ 150,000 Sally:     Equipment used in a business 200,000 150,000 Totals $ 200,000 $ 150,000 What is Evergreen’s tax basis in its assets?