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During 20X6, W sold the interest she had held for five years in the WX Partnership for $15,000 cash. The buyer also assumed W's $2,000
During 20X6, W sold the interest she had held for five years in the WX Partnership for $15,000 cash. The buyer also assumed W's $2,000 share of the partnership liabilities. W's tax basis in the partnership was $11,000. W's share of the partnership's unrealized receivables was $4,000. What is W's gain on the sale of her partnership interest in WX?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
