Forming And Operating Partnerships

Forming And Operating Partnerships

Forming and Operating Partnerships

Solutions to Problems

  1. [LO 2] Joseph contributed $22,000 in cash and equipment with a tax basis of $5,000 and a fair market value of $11,000 to Berry Hill Partnership in exchange for a partnership interest.

a. What is Joseph’s tax basis in his partnership interest?

b. What is Berry Hill’s basis in the equipment?.

  1. [ LO 2] Lance contributed investment property worth $500,000, purchased three years ago for $200,000 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC.  Cloud Peak owes $300,000 to its suppliers but has no other debts.

 

a. What is Lance’s tax basis in his LLC interest?

b. What is Lance’s holding period in his interest?

c. What is Cloud Peak’s basis in the contributed property?

d. What is Cloud Peak’s holding period in the contributed property

  1.  [ LO 2] Laurel contributed equipment worth $200,000, purchased 10 months ago  for $250,000 cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a 15 percent profits and capital interest in the LLC.  Laurel agreed to guarantee all $15,000 of Sand Creek’s accounts payable, but she did not guarantee any portion of the $100,000 nonrecourse mortgage securing Sand Creek’s office building.  Other than the accounts payable and mortgage, Sand Creek does not owe any debts to other creditors.

a. What is Laurel’s initial tax basis in her LLC interest?

b. What is Laurel’s holding period in her interest?

c. What is Sand Creek’s initial basis in the contributed property?

d. What is Sand Creek’s holding period in the contributed property?

  1. [LO 2] {Planning}Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership:
StudyAcer
Calculate your paper price
Pages (550 words)
Approximate price: -
StudyAcer

Quality Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

StudyAcer

Qualified Writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.

StudyAcer

Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account.

StudyAcer

Prompt Delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. We will always strive to deliver on time.

StudyAcer

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.

StudyAcer

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

StudyAcer

Place your order

Fill in the order form and provide all details of your assignment.

StudyAcer

Proceed with the payment

Choose the payment system that suits you most.

StudyAcer

Receive the final file

Once your paper is ready, we will email it to you.

Academic Writing Services

If you are looking for exceptional academic writing services, then you are in the right place. Studyacer offers customised academic assignments and academic papers for students at all levels.

StudyAcer StudyAcer

Essays

Essay Writing Help

Writing an essay can be a challenge. However, we know what every student needs. And we purpose to deliver. Here at StudyAcer, we do all we can to help with academic essays and assignments. We have a dedicated team of professional essay writers.

StudyAcer StudyAcer

Assignment

Assignment Help

We understand students need satisfactory results. Our cheap assignment writing service helps and never leaves any doubt. We always strive to ensure the ultimate and best results. It is our joy to offer a cheap reliable essay writing service.

StudyAcer StudyAcer

Term paper

Term Paper Help

Have you been asking yourself, where can get a pre written research papers for sale? Worry no more, the fact that you have a term paper that is due tonight and you haven’t touched it. At Study Acer it is our responsibility to get your paper on time.

StudyAcer StudyAcer

Dissertation

Dissertation Writing Service

Several master’s students seek professional help with their thesis.Students from different parts of the world experience different challenges. Dissertations have different stages and the challenges are different too. Do not struggle in silence, order now .