Josh and Tyler formed JT LLC. Josh contributed cash at $20,000, land with a basis...
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Josh and Tyler formed JT LLC. Josh contributed cash at $20,000, land with a basis of $40,000 and fair market value of $25,000, equipment with a basis of $0 and fair market value of $35,000 and inventory with a basis of $30,000 and fair market value of $40,000. Tyler contributed $120,000 in cash.
a.) How much is Joshs basis in his LLC interest?
b.) What is the LLCs basis in the assets it received (land, equipment and inventory)?
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