Business, 07.05.2020 01:09 yaya6940

Gerald received a one-fourth capital and profit (loss) interest in WXYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed cash of $100,000, and a building (FMV=$200,000 and Adjusted Basis=$50,000). In addition, Gerald's distributive share of WXYZ's items of income, loss and deduction for the current year are as follow:

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Gerald received a one-fourth capital and profit (loss) interest in WXYZ Limited Partnership (LP). In...