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Larry and Jessica form the L&J Prtnership. Larry contributes property with an adjusted basis of $70,000, a fair market value of $200,000, and subject to a liability of $80,000 in exchange for a 40 percent interest in the partnership. Jessica receives a 60 percent interest in the partnership in exchange for services performed for the partnership, valued at $10,000, and cash of $170,000.
a. What amount of gain or loss must Larry recognize as a result of his transfer of the property to the partnership?
b. What is Larry's basis in his partnership interest immediately after the formation of the partnership?
c. What is the partnership's basis in the property contributed by Larry?
d. What is Jessica's basis in her partnership interest immediately after the formation of the parnership?
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