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Keith, Bill, and Jim contributed assets to form the equal KBJ partnership. Keith contributed cash of $30,000 and land with a basis of $60,000 (fair...
Keith, Bill, and Jim contributed assets to form the equal KBJ partnership. Keith contributed cash of $30,000 and land with a basis of $60,000 (fair market value of $50,000). Bill contributed cash of $40,000 and land with a basis of $20,000 (fair market value of $40,000). Jim contributed cash of $60,000 and a fully depreciated property ($0 basis) value at $20,000. Which of the following tax treatments is not correct?(A) Keith's basis in his partnership interest is $80,000(B) Bill's basis in his partnership interest is $60,000(C) Jim's basis in his partnership interest is $60,000(D) KBJ has a basis of $60,000, $20,000, and $0 in the land and property (excluding cash) contributed by Keith, Bill, and Jim respectively(E) None of the above
