Question
Yong contributes a machine having an adjusted basis of $20,000 and an FMV of $25,000 for a 10% partnership interest. Yong had taken $10,000 of
Yong contributes a machine having an adjusted basis of $20,000 and an FMV of $25,000 for a 10% partnership interest. Yong had taken $10,000 of depreciation prior to the contribution. The partnership has no liabilities. As a result of the contribution, Yong must recognize
a $5,000 Sec. 1245 gain.
$10,000 ordinary income.
no gain or loss.
a $5,000 capital gain.
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Microsoft Excel For Accounting The First Course
Authors: L Murphy Smith, Katherine Smith
1st Edition
0130085529, 978-0130085528
