Tax Capital Account Assignment
Jayian and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed Inventory with an FMV of $12,000 Which of the following is true? Jaylan's basis in the partnership is $12.000 and Casper's is $10,000 Jaylan and Casper each have a basis in the partnership of $12,000 Jaylan will have a larger share of the profits than Casper.
The first and third answers are both correct. Mark for follow up Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 in cash. Lauryn contributed $25,000 cash and property with an adjusted basis of $25,000 and an FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and an FMV of $55,000. The partnership made $90,000 in ordinary income for the year and there were no cash or property distributions. What is Hailie's ending tax capital account? $55,000 $85,000 $88,446 $103,333 Mark for follow up. Get Accounting homework help today