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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Annie, Betty, and Carla formed the ABC partnership. They contributed the following assets.

Annie contributed cash of \$20000 and services valued at \$60000.

Betty contributed land with a basis of \$50000 and FMV of \$105000. Attached to the land is a mortgage of \$40000 assumed by the partnership. Betty received cash of \$5000.

Carla contributed inventory with a basis of \$10000 and FMV of \$20000. She also contributed a building with a basis of \$30000 and a FMV of \$60000. Attached to the building is a mortgage of \$20000 assumed by the partnership.

Annie owns 40% of the partnership and Betty and Carla each own 30% of the partnership.

For each partner answer the following;

How much is recognized gain?

How much is each partner's basis in the partnership?
What is the partnership's basis in the assets contributed?

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M948272

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