Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $19,000 of cash and land with a FMV of $64,000. Her basis in the land is $29,000. Andrew contributes equipment with a FMV of $21,000 and a building with a FMV of $42,000. His basis in the equipment is $17,000, and his basis in the building is $29,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
A. $0
B. $4,000
C. $48,000
D. $52,000
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Business » Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $19,000 of cash and land with a FMV of $64,000. Her basis in the land is $29,000.