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- 58,000
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- |
| 58,000 |
|
| Equipment (cost = $100,000) | 40,000 |
| 50,000 |
|
| Land | 90,000 |
| 120,000 |
|
| Total | $310,000 |
| $408,000 |
|
|
| ||||
What is the amount of XYZ's assets are considered hot assets under 751(a)?
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Audit Of The Drug Enforcement Administrations Controls Over Seized And Collected Drugs
Authors: Office Of Inspector General, U.S. Department Of Justice, Penny Hill Press
1st Edition
1537075683, 978-1537075686
