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Author Question: The general partner of a limited partnership may be a corporation. Indicate whether the statement ... (Read 48 times)

c0205847

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on: Jun 24, 2018
The general partner of a limited partnership may be a corporation.
  Indicate whether the statement is true or false

Question 2

Compute the capital gain on the following: Selling price of property 200,000 Original purchase price 420,000 Selling expenses  14,000 Depreciation  20,000 Improvements  26,000


whitcassie

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Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

Selling price 200,000
Less selling expenses  14,000


Amount realized 186,000

Cost 420,000

Less depreciation  20,000

Plus improvements  26,000

Adjusted basis 426,000

Amount realized  Loss (226,000)

Result is a capital loss that can be taken off any capital gains.


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