Liz and John formed the equal LJ Partnership on January 1 of the current year. Liz contributed $80,000 of cash and land with a fair market value of $90,000 and an adjusted basis of $75,000. John contributed equipment with a fair market value of $170,000 and an adjusted basis of $20,000. John had previously used the equipment in his sole proprietorship. How much gain or loss will Liz, John, and the partnership realize? How much gain or loss will Liz, John, and the partnership recognize? What bases will Liz and John take in their partnership interests? What bases will LJ take in the assets it receives? Are there any differences between inside and outside basis? Explain. How will the partnership depreciate any assets it receives from the partners? Requirements: Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions is permitted. Submit a single MS Excel
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