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Mathematics, 16.04.2020 23:17 heyitzmeamelie
During the current tax year, Dave and Stu formed the DS LLC with Dave contributing land with a basis of $360,000 and a fair market value of $600,000 at the contribution date. At the end of the year, the LLC distributes $300,000 of cash to Dave. The LLC made no distributions to Stu. Assume there were no other income or loss transactions for the year that would affect Dave's basis in his LLC interest.
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During the current tax year, Dave and Stu formed the DS LLC with Dave contributing land with a basis...
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