Question
The DEF partnership has the following balance sheets: Basis FMV Land $30,000 $45,000 Liabilities $0 $0 D $10,000 $15,000 E $10,000 $15,000 F $10,000 $15,000
The DEF partnership has the following balance sheets:
|
|
| Basis | FMV |
| Land |
| $30,000 | $45,000 |
|
|
|
|
|
| Liabilities |
| $0 | $0 |
|
|
|
|
|
| D |
| $10,000 | $15,000 |
| E |
| $10,000 | $15,000 |
| F |
| $10,000 | $15,000 |
|
|
| $30,000 | $45,000 |
D, a 1/3 partner, sold his interest to G for $15,000, with $9,000 payable this year and $6,000 next year. How much and what character of gain will D have to recognize in each of the two years?
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Survey Of Accounting
Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen
1st Edition
0538846178, 978-0538846172
