Examlex
Ashley contributes property to the TCA Partnership which was formed 7 years ago by Clark and Tara.Ashley's basis for the property is $70,000 and the fair market value is $150,000.Ashley receives a 25% interest for his contribution.Because the TCA Partnership is unsuccessful in having the property rezoned from agricultural to commercial,it sells the property 12 months later for $210,000.
a.Determine the tax consequences to Ashley and to the partnership on the contribution of the property to the partnership.
b.Determine the tax consequences to Ashley and the other partners on the sale of the property.
b. differ if the entity were an S corporation?
c.Would the tax consequences in
Q4: Most limited liability partnerships can own stock
Q6: During any month in which both the
Q18: The _ _,a presidential appointee,represents the IRS
Q19: General partner
Q22: In the current year,the DOE Partnership received
Q52: Boot Corporation is subject to income tax
Q65: How can an exempt organization,otherwise classified as
Q71: The principal legal forms for conducting a
Q93: Bart contributes $100,000 to the Tuna Partnership
Q141: The client has decided to dispute the