Question
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
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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Modeling And Designing Accounting Systems Using Access To Build A Database
Authors: Laura R. Ingraham, C. Janie Chang
1st Edition
0471450871, 978-0471450870
