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:
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