Recent Posts • Latest Topics • Unanswered Questions

Edith contributes land having $100,000 FMV and a $85,000 adjusted basis, which is subject to a ...

Sheena Maskell

wrote...

Go to Answer

Posts: 1902

Rep:

7 years ago

Edith contributes land having $100,000 FMV and a $85,000 adjusted basis, which is subject to a ...

Edith contributes land having $100,000 FMV and a $85,000 adjusted basis, which is subject to a $66,000 mortgage in exchange for a one-third interest in the EHK Partnership. The partnership owes no other liabilities. After the contribution, Kate, Edith, and Helen share profits and losses equally and each has a one-third interest in the partnership capital. Assume that Kate has a basis in her partnership interest of $50,000 before Edith's contribution to the partnership. The tax effect of Edith's contribution on partner Kate is to
A) No effect on Kate's basis.
B) decrease Kate's basis to $28,000.
C) increase Kate's basis to $72,000.
D) increase Kate's basis to $77,000.

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

Read 330 times

4 Replies

Report

Replies

Answer verified by a subject expert

Yoko900

wrote...

Related Topics

Sheena M. Author

wrote...

7 years ago

I took a chance with your answer

It was right

Report

Tyson B.

wrote...

4 years ago

Thanks!

Report

callielg

wrote...

4 years ago

Thank you!!

Report

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

1694 People Browsing

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Live Chat

Related Images

461

3656

5029

Your Opinion

Previous poll results: Who will win the 2024 president election?

Strange Ingredients Lurking in Doritos Chips

It's sore throat season, why does my mucus have red spots?

Courses by Biology Forums

The Toxic Skin and Fungi Defense

Bonobos, Chimpanzees, and the 98% DNA Link

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.