Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the new formed ZAT Partnership. All other partners contributed cash and ZAT partnership has no liabilities. What is Zoey’s basis in her partnership interest in ZAT Partnership?
Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the new formed ZAT Partnership. All other partners contributed cash and ZAT partnership has no liabilities. What is Zoey’s basis in her partnership interest in ZAT Partnership?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 15CE
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Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the new formed ZAT
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