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Chapter 20 Inside Basis Exercise Seth and Tim formed ST Partnership (50% / 50%) by contributing:...

Chapter 20 Inside Basis Exercise

  1. Seth and Tim formed ST Partnership (50% / 50%) by contributing:

                        Seth                 Tim

Asset               Cash                Land

FMV               $10,000           $10,000

Basis               $10,000           $6,000

  1. What is ST’s basis in the land?                                              __________________
  1. What is Seth’s inside basis in the land?                                 __________________
  1. What is Tim’s inside basis in the land?                                  __________________
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