ezto.mheducation.com Week 4 Chapter 20 Individual Problems Joseph contributed $2

Question

ezto.mheducation.com Week 4 Chapter 20 Individual Problems Joseph contributed $29,000 in cash and equipment with a tax basis of $12,900 and a fair market value of $15,200 to Berry Hill Partnership in exchange for a partnership interest. 1. 1.0 points value: Required information a. What is Joseph's tax basis in his partnership interest? References eBook & Resources Problem Difficulty: 1 Easy Learning Objective: 20-02 Resolve tax issues applicable to partnership formations and other acquisitions of partnership interests, including gain recognition to partners and tax basis for Check my work 2. Required information 1.00 points b. What is Berry Hill's basis in the equipment?

Explanation / Answer

Solution for First Question

a. Joseph's Tax basis in his partnership interest.

= Contributed Cash + Tax Basis of Adjustemt

= $29000+ $12900= $41900

b. Berry Hills basis int the equipment

= Carryover basis pof the partner who contributed equipment

=$12900

For rest of the question,please post as seperate question. As per Chegg only first question can be solved.

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