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Augustus1 Augustus1
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7 years ago
Lars has a basis in his partnership interest in XXL of $100,000.  He sells the partnership interest in XXL for $160,000.  XXL is a cash-basis partnership which has accounts receivable with a $30,000 fair market value and a zero adjusted basis.  Lars's share of these receivables is $10,000.  What is the amount and character of the gain that Lars recognizes on the sale of his partnership interest?
A) $50,000 capital gain.
B) $60,000 capital gain.
C) $10,000 ordinary income and $50,000 capital gain.
D) $10,000 ordinary income and $60,000 capital gain.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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