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Required information Skip to question [ The following information applies to the questions displayed below. ] Kamal contributed $ 1 9 , 0 0 0
Required information
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The following information applies to the questions displayed below.
Kamal contributed $ in cash and a capital asset he had held for three years with a fair market value of $ and tax basis of $ for a percent capital and profits interest in Green Valley LLC
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
b If Kamal sells his LLC interest two months later for $ when the tax basis in his partnership interest is still $ how much gain does he report, and what is its character? Hint: See Regulations
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