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Compute the members shares of liability

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Mark and Jeremy form an LLC. Mark is the manager and contributes $50,000 and Jeremy contributes $50,000. The LLC borrows $900,000 on a nonrecourse basis, and the members agree to share profits and losses equally. The LLC uses its $1,000,000 to buy a building.

Problem 1 a) What is the outside basis of each member?b)Assume the LLC specially allocates all the depreciation deductions to Mark.

Problem 2 Assuming the allocations are valid under the Sec 704 (b) regulations, compute the members' shares of liability when the book value of the building has been reduced to $600,000 from depreciation deductions.

Reference no: EM132728387

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