Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A 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 trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.