Adam & Eve form an LLC and Adam contributes land worth $200,000 (basis of $120,000) with a liability of $80,000 to the partnership. Eve will contribute cash to match Adam's contribution. Adam's basis in his partnership interest is what?
$200,000
$160,000
$120,000
$80,000
Which of the following kinds of income will cause an owner to owe SE tax
Rental income
Guaranteed payments
Cancellation of debt income
All of the above
Using the same facts as in Question #1, what is the partnership's basis in the land? $200,000
$200,000 less the related debt
$120,000
$160,000