| Wally Contributions | ||
| Office Furniture | 66,000 | FMV as of 9/20/15 |
| 60,000.00 | Bought furniture 1/5/15 | |
| Land | 9,000 | FMV as of 9/20/15 |
| 8,000 | Bought land in 2008 | |
| Office Building | 120,000 | FMV as of 9/20/15 |
| 100,000 | In service Building as of2011 | |
| 195,000 | Total FMV Contributed | |
| 168,000 |
Total Basis Contributed |
Caitlin contributed 195,000 in cash
- What is Wally’s adjusted basis of the property he contributed immediately before the contribution? (Hint: You must calculate the accumulated depreciation claimed by Wally since placing the property in service.)
- What is the depreciation expense on property contributed by Wally that can be claimed by the partnership for 2014, 2015, and 2016?
