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Title: Tony sells his one-fourth interest in the WindyCity Partnership to Bill for $100,000 cash when the ... Post by: Mandarini on Feb 14, 2017 Tony sells his one-fourth interest in the WindyCity Partnership to Bill for $100,000 cash when the partnership's assets are as follows:
Assets Basis Fair Market Value Cash Unrealized receivables Inventory Land Total $80,000 -0- 80,000 80,000 $240,000 $ 80,000 72,000 184,000 64,000 $400,000 The partnership has no liabilities on the sale date. Tony's basis in his partnership interest on the date of the sale is $60,000. What is the amount of gain realized by Tony on the sale of his partnership interest? Title: Re: Tony sells his one-fourth interest in the WindyCity Partnership to Bill for $100,000 cash when ... Post by: genflynn on Feb 14, 2017 Content hidden
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