What is kellys basis in her partnership interest, Financial Accounting

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What is kellys basis in her partnership interest

Problem

Nancy, Kelly, and Riley are equal partners in a newly formed partnership, Barragan, LP. Nancy, an accountant, contributed services for which she would have normally charged $50,000 in exchange for her one-third interest. In addition, Kelly contributed equipment with a FMV of $50,000 and adjusted basis of $45,000. Riley contributed land with a FMV of $50,000 and tax basis of $35,000.

• Blank I: What is Kelly's recognized gain?

• Blank II: What is Kelly's basis in her partnership interest?

• Blank III: What is Nancy's basis in her partnership interest?

• Blank IV: Partnership's basis in the equipment?

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Financial Accounting: What is kellys basis in her partnership interest

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