12 Aug How much is Jill’s basis? Show your calculations.
| 3/ Jill and Donald contributed $15,000 each to WH, LLC. |
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WH, LLC, purchased a building, paying cash of $-0- and signing a nonrecourse liability of $500,000. No principal payments have been made. |
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Net income before depreciation was $10,000. Depreciation claimed was $50,000. |
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Using special allocations, Jill deducted $25,000; Donald, $15,000. |
| How much is Jill’s basis? Show your calculations. |
| How much is Donald’s basis? Show your calculations. |
