On December 31, 2017, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong

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On December 31, 2017, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong is a calendar year taxpayer. Catawissa owns no hot assets, and its tax year ends on September 30. On October 1, 2017, Yong's basis in the LLC interest was $11,000. His share of current LLC income is $4,000 for the period in which he owned the LLC interest (October 1 to December 31).
How much capital gain does Yong recognize on the sale?
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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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