Gerald received a one-third capital and profit (loss) interest in xyz limited partnership (lp). in exchange for this interest, gerald contributed a building with a fmv of $30,000. his adjusted basis in the building was $15,000. in addition, the building was encumbered with a $9,000 nonrecourse mortgage that xyz, lp assumed at the time the property was contributed. what is gerald's outside basis immediately after his contribution?

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)