Business, 11.12.2019 22:31 jaylasmith884

Cosmo contributed land with a fair market value of $365,000 and a tax basis of $99,000 to the y mountain partnership in exchange for a 30 percent profits and capital interest in the partnership. the land is secured by $161,000 of nonrecourse debt. other than this nonrecourse debt, y mountain partnership does not have any debt.
a. how much gain will cosmo recognize from the contribution? (leave no answer blank. enter zero if applicable.)
b. what is cosmo’s tax basis in his partnership interest?

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Cosmo contributed land with a fair market value of $365,000 and a tax basis of $99,000 to the y moun...

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