On January 1, 2022, Benji, Diego and Amanda form Miami Gneral Partnership. benji contributees investment...
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On January 1, 2022, Benji, Diego and Amanda form Miami Gneral Partnership. benji contributees investment land he purchased 8 years ago for $10,000 ($30,000 FMV) in exchange for a 37.5% interest in th epartnership with a FMV of $30,000. Diego contributes furniture purchased several years ago in exchange for a 31.25% interest in the partnership with a FMV of $25,000. The furniture has a $20,000 adjusted basis ($50,000 Cost less $30,000 Dep) and a $55,000 FMV. The partnership also agreed to assume Diego's $30,000 liability (acquistion business debt) on the furniture. Amanda transfers equipment with an adjusted basis of $30,00 and FMV $25,000 in exchange for a 31.25% interest in the partnership. During 2022, the partnership incurs a net operating loss of $50,000. How much loss id deductible by Benji in 2022?
What is Benji's basis in the partnership immediately after formation?
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