Question
Calvin purchased a 30% partnership interest for $53,000 in March 2018. Calvin's share of partnership income was $5,000 in 2018, $25,000 in 2019, and ($9,000)
Calvin purchased a 30% partnership interest for $53,000 in March 2018. Calvin's share of partnership income was $5,000 in 2018, $25,000 in 2019, and ($9,000) in 2020. Calvin made no additional contributions to, or withdrawals from, the partnership. On December 1, 2020, Calvin sold his partnership interest for $83,000. What is Calvin's gain or loss on the disposal?
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Essentials Of Cost Accounting For Health Care Organizations
Authors: Steven Finkler, Judith Baker, David Ward
3rd Edition
0810235447, 9780763738136
