ACC-317-Homework-Ch-21

Apr 30th, 2015
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35 a. Sam’s outside basis in the LLC is the amount he contributed for land, that being $200,000. According to 721, when a partnership is formed, neither the partner or the partnership recognizes any realized gain or loss that results when a partner contributes property to a partnership. Any realized gain or loss is deferred.

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Leah PasternakFederal Taxation ACC317Chapter 21: Partnerships Homework Submission35 a. Sams outside basis in the LLC is the amount he contributed for land, that being $200,000. According to 721, when a partnership is formed, neither the partner or the partnership recognizes any rea

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