|
Title: Steve sells his 20% partnership interest having a $28,000 basis to Nancy for $40,000 cash. At the ... Post by: Mandarini on Feb 14, 2017 Steve sells his 20% partnership interest having a $28,000 basis to Nancy for $40,000 cash. At the time of the sale, the partnership has no liabilities and its assets are as follows:
Basis FMV Cash $20,000 $20,000 Unrealized receivables -0- 40,000 Inventory 10,000 40,000 Land (Sec. 1231) 110,000 100,000 The receivables and inventory are Sec. 751 assets. There is no agreement concerning the allocation of the sales price. Steve must recognize A) no gain or loss. B) $12,000 ordinary income. C) $12,000 capital gain. D) $14,000 ordinary income and $2,000 capital loss. Title: Re: Steve sells his 20% partnership interest having a $28,000 basis to Nancy for $40,000 cash. At ... Post by: strwbrry on Feb 14, 2017 Content hidden
Title: Re: Steve sells his 20% partnership interest having a $28,000 basis to Nancy for $40,000 cash. At the ... Post by: Mandarini on Jul 15, 2017 finished my 2 tests in under 30 min thanks to you
|