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Required informotion [The following information applies to the questions displayed below.] Kamal contributed $16,000 in cash and a capital asset he had held for three years with a fair market value of $32,000 and tax basis of $8,000 for a 5 percent capital and profits interest in Green Valley LLC. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. o. If Kamal sells his LLC interest 13 months later for $48,000 when the tax basis in his partnership interest is still $24,000, how muC gain does he report, and what is its character? Required information [The following information applies to the questions displayed below] Kamal contributed $16,000 in cash and a capital asset he had held for three years with a fair market value of $32,000 and tax basis of $8.000 for a 5 percent capital and profits interest in Green Valley LLC. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. a. If Kamal sells his LLC interest 13 months later for $48,000 when the tax basis in his partnership interest is still $24,000, how much gain does he report, and what is its character? Required information [The following information applles to the questions displayed below] Kamal contributed $16,000 in cash and a capital asset he had held for three years with a fair market value of $32,000 and tax basis of $8,000 for a 5 percent capital and profits interest in Green Valley LLC. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. If Kamal sells his LLC interest two months later for $48,000 when the tax basis in his partnership interest is still $24,000, how muC ain does he report, and what is its character? [Hint: See Regulations $1.1223.3.] Required information [The following information applies to the questions displayed below] Kamal contributed $16,000 in cash and a capital asset he had held for three years with a fair market value of $32,000 and tax basis of $8,000 for a 5 percent capital and profits interest in Green Valley LLC. Note: Do not round intermediate calculations. Round your final answers to the neorest whole dollar. . If Kamal sells his LLC interest two months later for $48,000 when the tax basis in his partnership interest is still $24,000, how much jain does he report, and what is its character? [Hint: See Regulations 51.12233.]