Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $19,000 of cash and land with a FMV of $64,000. Her basis in the land is $29,000. Andrew contributes equipment with a FMV of $21,000 and a building with a FMV of $42,000. His basis in the equipment is $17,000, and his basis in the building is $29,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

A. $0
B. $4,000
C. $48,000
D. $52,000

Question

19-08-2019
Business

contestada

Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $19,000 of cash and land with a FMV of $64,000. Her basis in the land is $29,000. Andrew contributes equipment with a FMV of $21,000 and a building with a FMV of $42,000. His basis in the equipment is $17,000, and his basis in the building is $29,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

A. $0
B. $4,000
C. $48,000
D. $52,000

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enyo enyo · Answer 1 · 2019-08-21T11:48:13+02:00

Answer: $0

Explanation: From the given information, here the SA general partnership will acknowledge $0 increase on the conveyance of these assets , this will be so since the increase is reported at the time of disposal of the asset instead at transfer of the assets. The following dealing will result in a carryover basis.

This basis takes spot under a property transfer, this also events in a transfer of the individual's foundation in the property. Thus it is carried over from one individual to another.