Question
The XYZ Partnership balance sheet includes the following assets on December 31 of the current year: Basis FMV Cash $180,000 $180,000 Accounts receivable -0- 55,000
The XYZ Partnership balance sheet includes the following assets on December 31 of the current year:
|
| Basis |
| FMV |
|
| Cash | $180,000 |
| $180,000 |
|
| Accounts receivable | -0- |
| 55,000 |
|
| Equipment (cost = $100,000) | 40,000 |
| 50,000 |
|
| Land | 90,000 |
| 120,000 |
|
| Total | $310,000 |
| $405,000 |
|
|
| ||||
What is the amount of XYZ's assets are considered hot assets under 751(a)?
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Regulation Audit Inspection Standards And Risk A Handbook For Street Level Regulators
Authors: John E Brady, Amy J Brady
1st Edition
0993082238, 978-0993082238
