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AB, LLC has two partners. A owns 65% of the partnership and B owns 35% of the partnership. During the year, AB, LLC sells 1245
AB, LLC has two partners. A owns 65% of the partnership and B owns 35% of the partnership. During the year, AB, LLC sells 1245 property is adjusted basis of $50,000 and accumulated depreciation of $10,000 for $60,000. AB, LLC also sells a piece of land used to store inventory with basis of $20,000 for $5,000. What amount of net 1231 gain or loss will be reported to A on their schedule K-1?
A. 5,000
B. (15,000) C. 20,000 (
D. 9,750)
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