The JM Partnership was formed to acquire land and subdivide it as residential housing lots. On March 1, 2019, Jessica contributed land valued at $556,000 to the partnership in exchange for a 50% interest. She had purchased the land in 2011 for $389,200 and held it for investment purposes (capital asset). The partnership holds the land as inventory. On the same date, Matt contributed land valued at $556,000 that he had purchased in 2009 for $667,200. He became a 50% owner. Matt is a real estate developer, but he held this land personally for investment purposes. The partnership holds this land as inventory. In 2020, the partnership sells the land contributed by Jessica for $ 583,800. In 2021, the partnership sells the real estate contributed by Matt for $528,200. How would your answer in (c) change if the property was sold in 2026? D) The amount of the recognized on the sale of the land contributed by Matt is Sfill in the blank e8405609404d043_2, and the type is.
The JM Partnership was formed to acquire land and subdivide it as residential housing lots. On March 1, 2019, Jessica contributed land valued at $556,000 to the partnership in exchange for a 50% interest. She had purchased the land in 2011 for $389,200 and held it for investment purposes (capital asset). The partnership holds the land as inventory. On the same date, Matt contributed land valued at $556,000 that he had purchased in 2009 for $667,200. He became a 50% owner. Matt is a real estate developer, but he held this land personally for investment purposes. The partnership holds this land as inventory. In 2020, the partnership sells the land contributed by Jessica for $ 583,800. In 2021, the partnership sells the real estate contributed by Matt for $528,200. How would your answer in (c) change if the property was sold in 2026? D) The amount of the recognized on the sale of the land contributed by Matt is Sfill in the blank e8405609404d043_2, and the type is.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 20P
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Transcribed Image Text:The JM Partnership was formed to acquire land and subdivide it as residential
housing lots. On March 1, 2019, Jessica contributed land valued at $556,000 to
the partnership in exchange for a 50% interest. She had purchased the land in
2011 for $389,200 and held it for investment purposes (capital asset). The
partnership holds the land as inventory. On the same date, Matt contributed
land valued at $556,000 that he had purchased in 2009 for $667,200. He
became a 50% owner. Matt is a real estate developer, but he held this land
personally for investment purposes. The partnership holds this land as
inventory. In 2020, the partnership sells the land contributed by Jessica for $
583,800. In 2021, the partnership sells the real estate contributed by Matt for
$528,200. How would your answer in (c) change if the property was sold in
2026? D) The amount of the recognized on the sale of the land contributed by
Matt is $fill in the blank e8405609404d043_2, and the type is.
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