What is brett''s outside tax basis in his llc interest, Accounting Basics

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What is brett''s outside tax basis in his llc interest

Erica and Brett decide to form their new motorcycle business as an LLC. Each will receive an equal profits (loss) interest by contributing cash, property, or both. In addition to the members' contributions, their LLC will obtain a $50,000 nonrecourse loan from First Bank at the time it is formed. Brett contributes cash of $5,000 and a building he bought as a storefront for the motorcycles. The building has an FMV of $45,000, an adjusted basis of $30,000, and is secured by a $35,000 nonrecourse mortgage that the business LLC will assume. What is Brett's outside tax basis in his LLC interest?

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Brett contributes cash of $5,000 and a building he bought as a storefront for the motorcycles. The building has an FMV of $45,000, an adjusted basis of $30,000, and is secured by a $35,000 nonrecourse mortgage that the business LLC will assume. Wh

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Accounting Basics: What is brett''s outside tax basis in his llc interest

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Accounting Basics: What is brett''s outside tax basis in his llc interest

Reference No:- TGS088102

Recent Questions Asked Accounting Basics

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