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Mandarini Mandarini
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7 years ago
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 are the amount and character of Tony's gain?
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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strwbrrystrwbrry
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7 years ago
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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Mandarini Author
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7 years ago
Good timing, thanks!
dianeflunder
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Yesterday
Thanks for your help!!
Lourd Jenkins
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2 hours ago
This calls for a celebration Person Raising Both Hands in Celebration
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