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ACC 610 Week 3 Assignment
Chapter 10

Question 28: Emma & Lane form EL Partnership – an equal partnership (split everything 50/50)

Question 31: Mike and Melissa form MM Partnership

Mike contributes 40,000 in cash and property (120,000 adjusted basis/100,000 FMV)

Melissa contributes the assets of her sole proprietorship (115,000 adjusted basis/140,000 FMV)

Question 33: Sam& Drew equal partners in SD LLC

Sam contributed land basis 100,000 (inherited from uncle), FMV 200,000

Chapter 11

Question 25: Gil’s outside basis in GO Partnership is 100,000

Distributed to Gil – 30,000 cash, 40,000 FMV inventory/20,000 basis to partnership, land 90,000

Question 27:  Following scenarios with no hot assets, indicate:


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