Anne contributes property to the TCA Partnership which was formed 8 years ago by Clark and Tara.Anne's basis for the property is $90,000 and the fair market value is $220,000.Anne receives a 25% interest for her contribution.Because the TCA Partnership is unsuccessful in having the property rezoned from agricultural to commercial,it sells the property 14 months later for $225,000.

Question

Anne contributes property to the TCA Partnership which was formed 8 years ago by Clark and Tara.Anne's basis for the property is $90,000 and the fair market value is $220,000.Anne receives a 25% interest for her contribution.Because the TCA Partnership is unsuccessful in having the property rezoned from agricultural to commercial,it sells the property 14 months later for $225,000.
Anne contributes property to the TCA Partnership which was formed 8 years ago by Clark and Tara.Anne's basis for the property is $90,000 and the fair market value is $220,000.Anne receives a 25% interest for her contribution.Because the TCA Partnership is unsuccessful in having the property rezoned from agricultural to commercial,it sells the property 14 months later for $225,000.

Quizplus · Accepted Answer

The Answer of Anne contributes property to the TCA Partnership which was formed 8 years ago by Clark and Tara.Anne's basis for the property is $90,000 and the fair market value is $220,000.Anne receives a 25% interest for her contribution.Because the TCA Partnership is unsuccessful in having the property rezoned from agricultural to commercial,it sells the property 14 months later for $225,000.

Anne Contributes Property to the TCA Partnership Which Was Formed