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For 20 years, Heny Jumboldt has been a 25% partner in HIG, a calendar year, cash basis partnership. This year, HIG averaged ordianry partnership income
For 20 years, Heny Jumboldt has been a 25% partner in HIG, a calendar year, cash basis partnership. This year, HIG averaged ordianry partnership income of $20,000 each month. As of September 30, when Henry's adjusted basis for his partnership interest, prior to consideration of the current year operations, was $40,000, he sold his interest to George for $90,000. What is the amount should Henry include as income for his current year return from the partnership?
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