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Q8 The DEF partnership has the following balance sheets: Basis FMV Land $49,000 $64,000 Inventory $23,000 $58,000 Unrealized Rec. $0 $10,000 Liabilities $12,000 $12,000 Capital,
Q8
| The DEF partnership has the following balance sheets: | |||||||||||||||
| Basis | FMV | ||||||||||||||
| Land | $49,000 | $64,000 | |||||||||||||
| Inventory | $23,000 | $58,000 | |||||||||||||
| Unrealized Rec. | $0 | $10,000 | |||||||||||||
| Liabilities | $12,000 | $12,000 | |||||||||||||
| Capital, D | $20,000 | $40,000 | |||||||||||||
| Capital, E | $20,000 | $40,000 | |||||||||||||
| Capital, F | $20,000 | $40,000 | |||||||||||||
| $72,000 | $132,000 | ||||||||||||||
| If partner D sells his partnership interest (holding period = two years) to G for $45,000 cash, how much income will D recognize, and what will be its character? | |||||||||||||||
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Financial Accounting And Controlling In SAP AFS Solution
Authors: David Jones
1st Edition
1521738092, 978-1521738092
