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Mr. Yang sold his interest in a business to an unrelated purchaser for $500,000 cash. How does Mr. Yang determine his adjusted basis for purposes
Mr. Yang sold his interest in a business to an unrelated purchaser for $500,000 cash. How does Mr. Yang determine his adjusted basis for purposes of computing gain or loss realized on the sale if the business is:
a)A sole proprietorship?
b)A partnership?
c)An S corporation?
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