For a 20% interest in partnership capital, profits, and losses, Kasi contributes a machine having a basis of $30,000 and an FMV of $40,000. The partnership also assumes a $24,000 recourse liability secured by the machine. The partnership has $6,000 in recourse liabilities immediately preceding Kasi's contributions. Partners share the economic risk of loss from recourse liabilities in the same way
they share partnership losses. Kasi's basis in the partnership interest is
A) $10,800.
B) $12,000.
C) $13,200.
D) $30,000.
B) $12,000.
You might also like to view...
A proposal is normally developed later in the decision making process after some actions have been taken.
Answer the following statement true (T) or false (F)
The major forces in consumerism are
A. individual consumer advocates. B. consumer organizations. C. consumer education programs. D. consumer laws. E. all of these answer choices
Most of the goods and services that we enjoy today can be traced back to an invention or idea that was the result of
A. customer service representatives. B. research and development. C. a whim. D. financial management. E. a hunch.
The National Ambient Air Quality Standards:
a. were met for the six basic pollutants by the early 1990s b. are to be established taking into account the economic and feasibility of the pollution controls necessary to be implemented to protect the public health and welfare c. can be postponed by a federal variance for major emitting facilities if the owner can demonstrate that the standards will pose a significant financial burden d. are established by taking into account the public health and welfare taking into account an adequate margin to allow companies to maintain reasonable profits e. none of the other choices