please... help and thank you thank you Moneymaker LLC was formed on January 1,...
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please... help and thank you thank you
Moneymaker LLC was formed on January 1, 2020. John and Mary are equal general partners in the partnership and each have a 50% Capital and Profits interest. John contributed $10,000 and Mary contributed land with a fair market value of $10,000 and a basis of $4,000. The partnership reported ordinary business income of $10,000 for 2019. On July 1, 2020, the partnership sold a section 1231 asset for a gain of $6,000. In addition, the partnership paid a non-deductible fine to IRS in the amount of $1,000. On August 1, 2020, the partnership took out a business loan of $20,000. Each partner received a cash distribution of $1,000 on December 31, 2020. Compute the end of the year outside adjusted tax basis for each partner. Description John-Adjusted Tax Basis Mary-Adjusted Tax Basis 0 Beginning Adjusted Tax Basis 0 Ending Adjusted Tax Basis Moneymaker LLC was formed on January 1, 2020. John and Mary are equal general partners in the partnership and each have a 50% Capital and Profits interest. John contributed $10,000 and Mary contributed land with a fair market value of $10,000 and a basis of $4,000. The partnership reported ordinary business income of $10,000 for 2019. On July 1, 2020, the partnership sold a section 1231 asset for a gain of $6,000. In addition, the partnership paid a non-deductible fine to IRS in the amount of $1,000. On August 1, 2020, the partnership took out a business loan of $20,000. Each partner received a cash distribution of $1,000 on December 31, 2020. Compute the end of the year outside adjusted tax basis for each partner. Description John-Adjusted Tax Basis Mary-Adjusted Tax Basis 0 Beginning Adjusted Tax Basis 0 Ending Adjusted Tax Basis
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