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Title: Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 while ... Post by: Augustus1 on Jan 11, 2017 Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 while Lois contributed land with a $90,000 adjusted basis and a $160,000 FMV. Three years later the land is sold for $210,000. The tax results to Clark and Lois are
A) $25,000 of gain to both Clark and Lois. B) $50,000 of gain to both Clark and Lois. C) $25,000 of gain to Clark and $70,000 gain to Lois. D) $25,000 of gain to Clark and $95,000 gain to Lois. Title: Re: Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 ... Post by: MsLippy on Jan 11, 2017 Content hidden
Title: Re: Clark and Lois formed an equal partnership three years ago. Clark contributed cash of $160,000 while ... Post by: Augustus1 on Mar 19, 2017 I'm forever indebted to you!
THANKS |