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Amy, Becky, and Chau form a business entity with each contributing the following Adjusted Fair...

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Accounting

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Amy, Becky, and Chau form a business entity with each contributing the following Adjusted Fair Market Ownership Value Basis $100,000 $60,000 Percentage Amy: Cash Becky: Land Chau: Services 40% 40% 2090 $100,000 120,000 50,000 Becky's land has a $20,000 mortgage that is assumed by the entity. Chau, an attorney, receives her ownership interest in exchange for legal services. Determine the recognized gain to the owners, the basis for their ownership interests, and the entity's basis for its assets under each entity scenario If an amount is zero, enter "O". a. Entity: Partnership Partnership Recognized Partners Gain Basis Amy Becky Chau Partnership's Asset Basis Cash Land Organizational Costs

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