Kenny and Shawn form the equal KS Partnership. Kenny contributes cash of $360,000. Shawn contributes...
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Accounting
Kenny and Shawn form the equal KS Partnership. Kenny contributes cash of $360,000. Shawn contributes property with an A/B of $380,000 and a FMV of $360,000.
a. How much gain or loss does Shawn realize and recognize on the contribution of the property to the partnership?
b. What is Kennys A/B in his partnership interest?
c. What is Shawns A/B in his partnership interest?
d. What is the partnerships A/B in the property contributed by Shawn?
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