Are Form 1120 Schedule M 3 Losses 2019-2024

Now, let's do the same kind of question again, but let's look at all three partners to see how it affects their bases. So, let's go back to that for example. Assume that ABC partnership is formed with three equal partners, A, B, and C. A and B contribute $1 cash each, and C contributes land with a tax basis of $80, fair value of $130, subject to an unpaid mortgage of $30 that is being assumed by the partnership. Okay, so what we need to do is figure out what their basis is. So, let's come over here. Let's set this up again. We've got partner A, partner B, and partner C. Partner A has $100 cash, partner B has $100 cash, and partner C puts in property. They told us that the property has a fair market value of $130, with a carryover basis or adjusted basis or tax basis of $80. Now, why do they give you the fair market value number? To ruin your career? So, forget about it. We each are partners, and this is subject to a mortgage of $30. So, initially, carryover basis is $80, contributed mortgage is $30. I'm contributing a mortgage, how much? The mortgage on this is $30. Let's try that again. $80 + $30 is $111. The unpaid mortgage of $30 is being assumed. Okay, I'm mixing questions. $30. So, I'm really putting in an asset carryover of $80, but I still have $30 on it. I just probably got credit for $50, but I'm at risk for a third of this. So coming over here, contributed liability. I'm putting in this mortgage of $30, but we're each at risk for a third, which is plus $10, plus $10, plus $10. Do you see how it affects everybody? So, everybody's basis...