Tax consequences of the partnership formation

Reference no: EM13147802

Justin and Tiffany form the equal TJ Partnership, Justin contributes cash of $20,000 and land (fair market value of $80,000, adjusted basis of $65,000), and Tiffany contributes the assets of her sole proprietorship (value of $100,000, adjusted basis of $125,000). What are the tax consequences of the partnership formation to Justin, Tiffany, and TJ Partnership?

Reference no: EM13147802

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Tax consequences of the partnership formation : Justin and Tiffany form the equal TJ Partnership, Justin contributes cash of $20,000 and land (fair market value of $80,000, adjusted basis of $65,000), and Tiffany contributes the assets of her sole proprietorship (value of $100,000, adjusted bas..

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