FIN MISC (FIN MISC)
James Madison University
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FIN MISC Practice quiz and answers for chapter 2
- Study guide • 5 pages • 2020
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Practice quiz for chapter 20
1. Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution?
a. $6,000
b. $9,000
c. $21,000
d...
Study guide
FIN MISC Practice quiz and answers for chapter 2
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Practice quiz for chapter 20 1. Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution? a. $6,000 b. $9,000 c. $21,000 d...
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