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C, a one-third partner in the ABC partnership, sold the interest to D on January 1, 20X1, for $154,000 cash plus assumption of one-third of
C, a one-third partner in the ABC partnership, sold the interest to D on January 1, 20X1, for $154,000 cash plus assumption of one-third of the $60,000 partnership liabilities. C had a $14,000 basis in the partnership (excluding liabilities). Based on the following balance sheet assets, what is C's capital gain or loss for 20X1?
Basis -Cash = $102,000
Basis- Unrealized AR = $0
FMV- Cash = $102,000
FMV- Unrealized AR = $420,00
Basis -Cash = $102,000
Basis- Unrealized AR = $0
FMV- Cash = $102,000
FMV- Unrealized AR = $420,00
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
