FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 10-27 (Algorithmic) (LO. 3, 9, 14) Kenisha and Shawna form the equal KS LLC, with a cash contribution of $452,000 from Kenisha and a property contribution (adjusted basis of $474,600, fair market value of $452,000) from Shawna. If an amount is zero, enter "0". a. How much gain or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any gain or loss? If so, how much? Shawna has realized loss of $ of which $ O is recognized. b. What is Kenisha's tax basis in her LLC interest? $ Section 704(b) book basis? $ C. What is Shawna's tax basis in her LLC interest? $ Section 704(b) book basis? $ d. What tax basis does the LLC take in the property transferred by Shawna? e. Are there more effective ways to structure the formation?
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Transcribed Image Text:Problem 10-27 (Algorithmic) (LO. 3, 9, 14) Kenisha and Shawna form the equal KS LLC, with a cash contribution of $452,000 from Kenisha and a property contribution (adjusted basis of $474,600, fair market value of $452,000) from Shawna. If an amount is zero, enter "0". a. How much gain or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any gain or loss? If so, how much? Shawna has realized loss of $ of which $ O is recognized. b. What is Kenisha's tax basis in her LLC interest? $ Section 704(b) book basis? $ C. What is Shawna's tax basis in her LLC interest? $ Section 704(b) book basis? $ d. What tax basis does the LLC take in the property transferred by Shawna? e. Are there more effective ways to structure the formation?
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