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Augustus1 Augustus1
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7 years ago
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
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
You're a saint, honestly

Thank you
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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