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The Tandy Partnership owns the following assets on December 31: Assets: Basis: FMV: Cash 20000 20000 Unrealized Receivables 0 30000 Inventory 20000 25000 Land, Sec.
The Tandy Partnership owns the following assets on December 31:
| Assets: | Basis: | FMV: |
|---|---|---|
| Cash | 20000 | 20000 |
| Unrealized Receivables | 0 | 30000 |
| Inventory | 20000 | 25000 |
| Land, Sec. 1231 Property | 35000 | 70000 |
| TOTAL: | 75000 | 145000 |
Is the partnership's inventory considered to be substantially appreciated for purposes of Sec. 751? Show your work.
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Dcaa Audits Widespread Problems With Audit Quality Require Significant Reform: Gao 09 1009t
Authors: U. S. Government Accountability Office
1st Edition
1287232027, 978-1287232025
