Zinc, lp was formed on august 1, 20x9. when the partnership was formed, al contributed $10,000 in cash and inventory with a fmv and tax basis of $40,000. in addition, bill contributed equipment with a fmv of $30,000 and adjusted basis of $25,000 along with accounts receivable with a fmv and tax basis of $20,000. also, chad contributed land with a fmv of $50,000 and tax basis of $35,000. finally, dave contributed a machine, secured by $35,000 of debt, with a fmv of $15,000 and a tax basis of $10,000. what is the total inside basis of all the assets contributed to zinc, lp?
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Zinc, lp was formed on august 1, 20x9. when the partnership was formed, al contributed $10,000 in ca...
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