Kenisha and Shawna form the equal KS LLC with a cash contribution of $360,000 from...
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Accounting
Kenisha and Shawna form the equal KS LLC with a cash contribution of $360,000 from Kenisha and a property contribution (adjusted basis of $380,000, fair market value of $360,000) from Shawna.
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How much gain or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any gain or loss? If so, how much?
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What is Kenishas tax basis in her LLC interest? The 704(b) book basis?
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What is Shawnas tax basis in her LLC interest? The 704(b) book basis?
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What tax basis does the LLC take in the property transferred by Shawna?
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Are there more effective ways to structure the formation? Explain.
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