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safezone safezone
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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
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RimounRimoun
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7 years ago
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safezone Author
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7 years ago
Good timing, thanks!
Smair87
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Yesterday
This helped my grade so much Perfect
Tim0301
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2 hours ago
Thank you, thank you, thank you!
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