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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 401 Weeks Ago, 4 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
3 I put land into this partnership worth $200,000 with a liability of $150,000. I'll be a 50-50 partner with my naybor. What's my basis in the p/s? 4 I have this land that I bot for $30,000 and it's now worth about $400,000. I hate to sell it because I'm in the 39.6% bracket. My son, who is a lawyer, says I should put it in a p/s with him and we can split the gain on sale. He's got $100,000 of stock losses that he can't deduct and so this would be perfect for him and reduce my tax. The money I lose out of this he says he'll just pay me as a gift - son to father. After all, I've given him a lot. Now it's his turn to give
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