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Title: On July 1, Joseph, a 10% owner, sells his interest in ABC Partnership to Andy, an outsider, for ... Post by: Augustus1 on Jan 11, 2017 On July 1, Joseph, a 10% owner, sells his interest in ABC Partnership to Andy, an outsider, for $165,000 cash and the release from $20,000 of partnership liabilities. Joseph's partnership interest at the beginning of the year was $120,000. The partnership earned income through June 30 of $100,000. Joseph's share of partnership liabilities increased by $5,000 from January 1 to June 30. What are the tax consequences to Joseph on the sale of his partnership interest?
A) $45,000 capital gain B) $50,000 capital gain C) $55,000 capital gain D) $65,000 capital gain Title: Re: On July 1, Joseph, a 10% owner, sells his interest in ABC Partnership to Andy, an outsider, for ... Post by: MsLippy on Jan 11, 2017 Content hidden
Title: Re: On July 1, Joseph, a 10% owner, sells his interest in ABC Partnership to Andy, an outsider, for ... Post by: Augustus1 on Mar 19, 2017 You're a saint, honestly
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