The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
You must show your calculations
11. George and James are forming the GJ Partnership. George contributes $600,000 cash and James contributes land with an adjusted basis of $400,000 and a fair market value of $750,000. The property is subject to a $150,000 liability, which is also transferred into the partnership and is shared 60% by George and 40% by James for basis purposes. George and James also share 60% and 40% respectively in all partnership profits except for any pre-contribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
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