Business, 13.07.2020 22:01 miraclewhipppp

AB Corporation and YZ Corporation formed a partnership to construct a shopping mall. AB contributed $527,000 cash, and YZ contributed land ($527,000 FMV and $457,000 basis) in exchange for a 50 percent interest in ABYZ Partnership. Immediately after its formation, ABYZ borrowed $263,500 from a local bank. The debt is recourse (unsecured by any specific partnership asset). Compute each partner's initial basis in its partnership interest, assuming that: a. AB and YX are both general partners.
b. AB is a general partner, and YZ is a limited partner.

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AB Corporation and YZ Corporation formed a partnership to construct a shopping mall. AB contributed...

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