Homework Answers
Answer:
Elisha's basis in partnership :
Cash contribution $348480
Add:Share of the liability on the contributed land.(232320/2) $116160
Share of the construction debt (36300/2) $18150
Share of the accounts payable debt.(14520/2) $7260
Share of partnerships taxable income (54450/2)$27225
Elisha’s basis in the partnership on December 30. $517275
Ezra's basis:
Land and building. $580800
Less:Debt assumed by the partnership ($232320)
Add: Share of liability on contributed land $116160
Share of construction debt $18150
Share of accounts payable debt $7260
Share of partnerships taxable income. $27225
Ezra's basis in partnership on December 30. $517275
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