FIN MISC (FIN MISC)
James Madison University
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FIN MISC Practice quiz and answers for chapter 2
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Practice quiz for chapter 20
1.	Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution? 
a.	$6,000
b.	$9,000
c.	$21,000
d...
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