Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
safezone safezone
wrote...
Go to Answer
Posts: 782
Rep: 67 0
7 years ago
Kenya sells her 20% partnership interest having a $28,000 basis to Ebony 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

Kenya and Ebony have no agreement concerning the allocation of the sales price. Ordinary income recognized by Kenya as a result of the sale is
A) $6,000.
B) $12,000.
C) $14,000.
D) $16,000.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
Read 117 times
1 Reply
That's not philosophy, it's geometry
Replies
Answer verified by a subject expert
RimounRimoun
wrote...
#1
Top Poster
Posts: 558
Rep: 15 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

safezone Author
wrote...

7 years ago
Correct Slight Smile TY
smi3
wrote...

Yesterday
this is exactly what I needed
ky
wrote...

2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1043 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 9158
  
 320
  
 171
Your Opinion
Which country would you like to visit for its food?
Votes: 204
Previous poll results: What's your favorite math subject?