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Sharon contributed property to the newly formed QRST Partnership. Under the constructive liquidation scenario, how is the recourse debt allocated to Jordan and Whitney? The recourse debt is shared equally (,000 each) by Jordan and Whitney. The recourse debt is allocated ,000 to Whitney and ,000 to Jordan. The recourse debt is allocated ,000 to Whitney and ,000 to Jordan. The recourse debt is allocated ,000 to Whitney and ,000 to Jordan. The recourse debt is allocated ,000 to Whitney and ,000 to Jordan. Which of the following is nota specific adjustment to the partners’ basis in the partnership interest? Increased by contributions the partner made to the partnership. Decreased by the amount of guaranteed payments shown on the partner’s Schedule K1. Increased by the partner’s share of taxexempt income. Decreased by any decrease in the partner’s share of partnership liabilities. Increased by the partner’s share of separately stated income items. Rebecca is a limited partner in the RST Partnership, which is not publicly traded.
The property had a 0,000 adjusted basis to Sharon and a 0,000 fair market value on the contribution date. Her allocable share of RST’s passive ordinary losses from a nonrealty activity for the current year is (,000).
Delilah's basis in the noncash property received is: 0,000 0,000 0,000 ,000 None of the above. Rosalie is a real estate developer and owns property that is treated as inventory (not a capital asset) in her business.
She contributed a parcel of this land (basis ,000; fair market value ,000) to a partnership, which will also hold it as inventory.