Cosmo contributed land with a fair market value of $515,000 and a tax basis of $96,750 to the y mountain partnership in exchange for a 40 percent profits and capital interest in the partnership. the land is secured by $149,000 of nonrecourse debt. other than this nonrecourse debt, y mountain partnership does not have any debt. (leave no answer blank. enter zero if applicable.)
a. how much gain will cosmo recognize from the contribution?
b. what is cosmo’s tax basis in his partnership interest?

Acompany that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. prior to buying the new equipment, the company used 6 workers, who produced an average of 79 carts per hour. workers receive $16 per hour, and machine coast was $49 per hour. with the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $11 per hour while output increased by four carts per hour. a) compute the multifactor productivity (mfp) (labor plus equipment) under the prior to buying the new equipment. the mfp (carts/$) = (round to 4 decimal places). b) compute the productivity changes between the prior to and after buying the new equipment. the productivity growth = % (round to 2 decimal places)