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Title: Scott provides accounting services worth $40,000 to the ABC Partnership in exchange for a 20% ... Post by: Augustus1 on Jan 11, 2017 Scott provides accounting services worth $40,000 to the ABC Partnership in exchange for a 20% interest in the capital and profits of the partnership. The tax result to Scott is
A) a partnership interest with a zero basis and no gain or loss. B) a partnership interest with a zero basis and $40,000 of ordinary income. C) a partnership interest with a $40,000 basis and $40,000 capital gain. D) a partnership interest with a $40,000 basis and $40,000 ordinary income. Title: Re: Scott provides accounting services worth $40,000 to the ABC Partnership in exchange for a 20% ... Post by: Yoko900 on Jan 11, 2017 Content hidden
Title: Re: Scott provides accounting services worth $40,000 to the ABC Partnership in exchange for a 20% ... Post by: Augustus1 on Mar 19, 2017 I'm forever indebted to you!
THANKS |