Problem 1: Darrel, Sissy, and Carol form a Partnership
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Darrel, Sissy, and Carol form a partnership
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Problem 1: Darrel, Sissy, and Carol form a partnership. Darrel and Sissy give equipment and a building, respectively. Carol agrees to perform all of the accounting and office work in exchange for a 10% interest.
FMV Basis Partnership %
Darrel’s equipment $200,000 $100,000 60%
Sissy’s building $100,000 $50,000 30%
Carol’s services $0 $0 10%
a. Do any of the partners recognize any gain? If so, how much and why?
Darrel, Sissy, and Carol form a partnership
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