Business, 08.04.2020 02:27 royaltyy6533

This year, Callie and Neil formed the equally owned CN partnership. Callie contributed $300,000 of cash and Neil contributed real estate valued at $450,000 (adj. basis of $100,000). The property was subject to a nonrecourse liability of $150,000 that was assumed by the partnership.

a. What are Neil’s and Callie’s bases in the partnership interest immediately after the partnership was formed.

b. How is the debt allocated between them?

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This year, Callie and Neil formed the equally owned CN partnership. Callie contributed $300,000 of c...

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