Question
Calvin purchased a 40% partnership interest for $46,000 in February 2019. His share of partnership income in 2019 was $25,000, in 2020 was $28,000, and
Calvin purchased a 40% partnership interest for $46,000 in February 2019. His share of partnership income in 2019 was $25,000, in 2020 was $28,000, and in 2021 was $18,000. He made no additional contributions to or withdrawals from the partnership.
Required:
On December 18, 2021, Calvin sold his partnership interest for $121,000. What is his gain or loss on the sale of his partnership interest?
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Financial Accounting An International Introduction
Authors: David Alexander
2nd Edition
9780273685203
