Leo, Mike, Donny, and Raph are forming a general partnership to consult on municipal sewer construction projects. Given the below information, calculate the initial outside basis for each partner. Each partner will have an equal profit sharing ratio and the partnership will take on an unsecured loan for liquidity. The partners are each have equal personal liability for the loan as the lending institution required personal guarantees from the partners Leo, Mhe, Donny, and Raph are forming a general partnership to consult on municipal sewer construction projects Given the below intormation, eakulate the intial outside basis for each partner. Each partner will have an equal proft sharing rato and the partnership wil take on an unsecured loan far liquidty. The parthers are each have equal personal liabity for the loan as the lending insthution tequired personal guarantees trom the partners Leo is contributing land which is currenty encumbered by nonrecourse debt and no cash Mke is contributing his matkeling services in exchange for a capeat interest in the parthership and cash. Donny is contributing custom-buit machinery which is currently encumbered by nonreccurse gebt and cash Aagh is controuting a wan which is curently encumbered by nonrecourse debt and cash.26 Required: 27 1. Complete the table using cell references. (HINT: Utilize IF functions to properly calculate Nonrecourse Debt Excess) 51Leo, Mike, Donny, and Raph are forming a general parthership to consult on municipal sewer construction projacts. Given the below informabion, calculate the initial cutside basis for each parther. Each partner wil have an equal profit sharing ratio and the partnership will take on an unsecured loan for liquidity. The partners are each have equal personal liablility for the loan as the lending institusion requi personal guarantees from the partners Leo is contributing land which is currently encumbered by nonrecourse debt and no cash. Mike is contributing his marketing services in exchange for a capital interest in the partnershp and cash. Donny is contributing custom-built machinery which is currently encumbered by nonrecourse debt and cash. Raph is contributing a van which is currently encumbered by nonrecourse debt and cash.Required: 1. Complete the table using cell references. (HINT: Utilize IF functions to properly caleulate Nonrecourse Debt Excess) Partner's Initial Tax Basis Computation Land begin{tabular}{l|l|l} Leo & Mike & Donny end{tabular} Machinery Services Rendered Van Cash Recourse Debt Nonrecourse Debt Excess - Land Nonrecourse Debt Excess - Machinery Nonrecourse Debt Excess - Van Nonrecourse Debt Allocation - Land Nonrecourse Debt Allocation - Machinery Nonrecourse Debt Allocation - Van Nonrecourse Debt Relief Ordinary Deduction Initial Tax Basis.

1. Leo, Mike, Donny, and Raph are forming a general partnership to consult on municipal sewer
construction projects. Given the below information, calculate the initial outside basis for each
partner. Each partner will have an equal profit sharing ratio and the partnership will take on an
unsecured loan for liquidity. The partners are each have equal personal liability for the loan as the
lending institution required personal guarantees from the partners
Leo, Mhe, Donny, and Raph are forming a general partnership to consult on municipal sewer
construction projects Given the below intormation, eakulate the intial outside basis for each
partner. Each partner will have an equal proft sharing rato and the partnership wil take on an
unsecured loan far liquidty. The parthers are each have equal personal liabity for the loan as the
lending insthution tequired personal guarantees trom the partners Leo is contributing land which is
currenty encumbered by nonrecourse debt and no cash Mke is contributing his matkeling services
in exchange for a capeat interest in the parthership and cash. Donny is contributing custom-buit
machinery which is currently encumbered by nonreccurse gebt and cash Aagh is controuting a
wan which is curently encumbered by nonrecourse debt and cash.26 Required: 27 1. Complete
the table using cell references. (HINT: Utilize IF functions to properly calculate Nonrecourse Debt
Excess) 51Leo, Mike, Donny, and Raph are forming a general parthership to consult on municipal
sewer construction projacts. Given the below informabion, calculate the initial cutside basis for
each parther. Each partner wil have an equal profit sharing ratio and the partnership will take on
an unsecured loan for liquidity. The partners are each have equal personal liablility for the loan as
the lending institusion requi personal guarantees from the partners Leo is contributing land which
is currently encumbered by nonrecourse debt and no cash. Mike is contributing his marketing
services in exchange for a capital interest in the partnershp and cash. Donny is contributing
custom-built machinery which is currently encumbered by nonrecourse debt and cash. Raph is
contributing a van which is currently encumbered by nonrecourse debt and cash.Required: 1.
Complete the table using cell references. (HINT: Utilize IF functions to properly caleulate
Nonrecourse Debt Excess) Partner's Initial Tax Basis Computation Land begin{tabular}{l|l|l} Leo &
Mike & Donny end{tabular} Machinery Services Rendered Van Cash Recourse Debt Nonrecourse
Debt Excess - Land Nonrecourse Debt Excess - Machinery Nonrecourse Debt Excess - Van
Nonrecourse Debt Allocation - Land Nonrecourse Debt Allocation - Machinery Nonrecourse Debt
Allocation - Van Nonrecourse Debt Relief Ordinary Deduction Initial Tax Basis