Business, 01.03.2021 22:10 ryleerod07
Dana and Mike decide to form their new motorcycle business as a LLC. Each will receive an equal profits (loss) interest by contributing cash, property, or both. In addition to the members’ contributions, their LLC will obtain a $75,000 loan nonrecourse loan from First Bank at the time it is formed. Mike contributes cash of $10,000 and a building he bought as a storefront for the motorcycles. The building has a FMV of $65,000, an adjusted basis of $35,000, and is secured by a $40,000 nonrecourse mortgage that the business LLC will assume. What is Mike’s outside tax basis in his LLC interest?
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Dana and Mike decide to form their new motorcycle business as a LLC. Each will receive an equal prof...
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