14-2. LO.2 Henrietta transfers cash of $75,000 and equipment
14-2. LO.2 Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as
a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000 in the XYZ Partnership. a. Compute Henrietta’s realized and recognized gains from the asset transfers. b. Compute Henrietta’s basis in her interest in XYZ. c. What is XYZ’s basis in the equipment that it now holds?
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