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Xena and xavier form the xx llc, which elects partnership treatment. xena contributes 0,000, land (basis $40.000; fair market value $25.000), equipment (basis market value- fair market value $35,000), and inventory (basis-$30,000; fair $40,000). xavier contributed $100,000 of cash and equipment (basis $10,000, fair market value $20,000). how much is the partnership's basis in the land, equipment, and inventory, and how much is xavier's basis in his partnership interest? a. $40,000 land, $10,000 equipment, $30,000 inventory; $110,000 partnership interest. b. $40,000 land, $0 equipment, $30,000 inventory; $90,000 partnership interest. c. $25,000 land, $35,000 equipment, $30,000 inventory; $150,000 partnership interest. d. $40,000 land, $35,000 equipment, $40,000 inventory: $150,000 partnership interest. e. $40,000 land, $0 equipment, $30,000 inventory; $120,000 partnership intere
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Xena and xavier form the xx llc, which elects partnership treatment. xena contributes 0,000, land (b...
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