Solved: Ricky bobby and sam form a partnership bobby and sam, Accounting Basics

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Ricky bobby and sam form a partnership bobby and sam

Question - Ricky, Bobby and Sam form a partnership. Bobby and Sam contribute $150,000 in cash. Ricky contributes $10,000 in cash and Land with a fair market value of $140,000 and an adjusted basis of $60,000. The land was purchased with a nonrecourse debt that is now worth $90,000.

1. What is Ricky's basis in his partnership interest?

2. What is Bobby's basis in the partnership?

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Accounting Basics: Ricky bobby and sam form a partnership bobby and sam

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Accounting Basics: Ricky bobby and sam form a partnership bobby and sam

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