Business, 04.05.2021 21:00 prettybaby406

Lee, Brad, and Rick form the LBR Partnership on January 1 of the current year. In return for a 25% interest, Lee transfers property (basis of $15,000, fair market value of $17,500) subject to a nonrecourse liability of $10,000. The liability is assumed by the partnership. Brad transfers property (basis of $16,000, fair market value of $7,500) for a 25% interest, and Rick transfers cash of $15,000 for the remaining 50% interest. Required:
a. After the contribution, Lee's basis in his interest in the partnership is $
b. Brad's basis in his interest in the partnership is $
c. Rick's basis in his interest in the partnership is $

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Lee, Brad, and Rick form the LBR Partnership on January 1 of the current year. In return for a 25% i...

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