Holly Lauren and Cami found dead HL and see a general partnership as equal partners how...

Holly Lauren and Cami found dead HL and see a general partnership as equal partners how he contributed $55000 cash Lauren countries $25000 cash and property with an adjusted basis of 25000 per market value of 35 kamecke intuited property with an adjusted basis of 43000 for market value of 55000 partnership made 90000 and ordered ordinary income what is halleys ending tax capital account

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Expert Solution

Given it is equal partnership.

-Hallie contributed - $55,000 cash.

-Lauryn contributed -$25,000 cash and

Property - adjusted basis of $25,000 (FV$35,000)

-Cami contributed property with adjusted basis of $43,000 (FV $55,000)

Ordinary Income - $9,000 (Business)

Halley's ending tax capital account

Each partner Share - 1 / 3 (Three equal Partner)

Halley's ending tax capital account = cash contributed + Share of ordinary income

= $55,000 + ($9,000 / 3)

=$58,000

ekkarill92 answered 1 year ago

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