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eBook Calculator Problem 14-21 (LO. 2, 5) Lee, Brad, and Rick...

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Accounting

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eBook Calculator Problem 14-21 (LO. 2, 5) Lee, Brad, and Rick form the LBR Partnership on January 1 of the current year. In return for a 25% interest, Lee transfers property (basis of $15,000, fair market value of $17,500) subject to a nonrecourse liability of $10,000. The liability is assumed by the partnership. Brad transfers property (basis of $16,000, fair market value of $7,500) for a 25% Interest, and Rick transfers cash of $15,000 for the remaining 50% interest. a. Lee recognizes on the transfer. b. After the contribution, Lee's basis in his interest in the partnership is $ c. Brad recognizes on the transfer. d. Brad's basis in his interest in the partnership is s e. Rick's basis in his interest in the partnership is $ in the property transferred by Lee. f. The LBR Partnership takes a basis of $ 9. The partnership's basis in the property transferred by Brad is Previous Next >

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