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JLcpa
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| Posted: 01 May 2011 at 18:53 | IP Logged
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Nolan designed Timber Partnership's new building. Nolan recd an interest in the p'ship for his services. Nolan's normal billing for the service is $80000 & FMV of p'ship interest recd is $120000. What amt of income should Nolan report?
Ans is 120000. The value of the service performed is also considered income.
My Q is what would be Nolan's basis in the p'ship?
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Jas, Jersey City, NJ
AUD- 18 Nov 2009- 86
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thechamp26
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| Posted: 02 May 2011 at 22:09 | IP Logged
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FMV.
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JLcpa
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| Posted: 04 May 2011 at 05:03 | IP Logged
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thanks
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Jas, Jersey City, NJ
AUD- 18 Nov 2009- 86
FAR- 28 Jan 2010- 91
BEC- 26 Feb 2010- 87
REG- May 2011- 78
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Topic: Partnership basis
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