Federal Taxation II Week 11 – HW Assignment
1. Alyssa & Julie form the Massasoit LLC with equal ownership. Alyssa contributes $75,000 cash and Julie contributes land with an adjusted basis of $100,000 and a fair market value of $75,000.
a. How much gain or loss, if any, does Julie realize on the transfer? Does Julie recognize any gain or loss?
b. What is Alyssa’s basis in her LLC interest?
c. What is Julie’s basis in her LLC interest?
d. What is the LLCs basis in the property transferred by Julie?
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