Question
John holds 10 percent interest in SS Partnership for past three years. His basis in the partnership is $200,000 which includes a $100,000 share of
John holds 10 percent interest in SS Partnership for past three years. His basis in the partnership is $200,000 which includes a $100,000 share of nonrecourse debt that is allocated to him. 1. If John sells his interest in the partnership to Sally for $400,000, what would be Sally's tax basis in the partnership interest?
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
