Answered

At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

A and B formed a partnership by transferring the following assets to the partnership: A transferred $20,000 in cash, and equipment which cost $27,000, had an adjusted basis of $19,800, and had a fair market value of $30,000; B transferred cash of $50,000. The partnership's basis in equipment transferred to the partnership by A is

Sagot :

abiolataiwo2015

Answer:

$19,800

Explanation:

Based on the information given we were told that they transferred an assets to the partnership of an ADJUSTED BASIS of the amount of $19,800 which therefore means that The PARTNERSHIP'S BASIS IN EQUIPMENT TRANSFERRED to the partnership by A will be $19,800 based on the fact that the basis for the property contributed will be the ADJUSTED BASIS of the property to the partner that contributed during the time of the contribution.

Therefore The PARTNERSHIP'S BASIS in equipment transferred to the partnership by A is $19,800

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.