When Kevin and Marshall Formed the Equal KM LLC, the Fair

question 12

True/False

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.

---

Definitions:

Performance Problems

Issues or deficiencies in the execution of tasks in the workplace that can affect overall productivity and efficiency.

Needs Analysis

The process of determining gaps in performance or skills among employees or teams, which then informs the development of targeted training programs.

Senior Management

The highest level of management in an organization, responsible for strategic decision-making.

Organizational Performance

A measure of how effectively an organization achieves its objectives, often evaluated through metrics such as profitability, efficiency, and productivity.