Adam and Barbara Formed a Partnership to Construct an Apartment

question 89

Essay

Adam and Barbara formed a partnership to construct an apartment building.Adam contributed $500,000 cash and Barbara contributed land ($500,000 FMV and $250,000 basis)in exchange for a 50 percent interest in AB Partnership.Immediately after its formation,the partnership borrowed $600,000 from a local bank to begin construction.Compute each partner's initial basis in their partnership interest,assuming that:
a.Adam and Barbara are both general partners.
b.Adam is a limited partner and Barbara is a general partner.

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Definitions:

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Collective Unconscious

A term coined by Carl Jung, referring to the part of the unconscious mind that is derived from ancestral memory and experience and is common to all humankind.

Carl G. Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for his concepts of the collective unconscious, archetypes, and psychological types.

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