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When Kevin and Marshall formed the equal KM LLC, the fair market values of their interests were each $100,000.
Kevin contributed $60,000 cash, equipment with a basis of $0 and a fair market value of $10,000, and a small parcel of land in which he had a basis of $50,000 and that was valued at $30,000. Marshall contributed receivable that was valued at $100,000 and in which his basis was $0. Kevin has a basis in his partnership interest of $110,000 and Marshall's basis is $0.
Artistic Expression
entails the use of creative skills and imagination to produce works that convey emotional, cultural, or conceptual significance.
An Idea
A concept, thought, or suggestion intended for potential value creation or problem solving.
IP Rights
Intellectual Property Rights, which are the legal rights granted to the inventors or creators to protect their inventions, literary and artistic works, symbols, names, and images used in commerce.
China
A country in East Asia, known for its vast history, cultural significance, and as a major global economic power.
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