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Author Question: Marisa has a 75% interest in the MM Partnership. She sells the partnership a building used in her ... (Read 251 times)

misspop

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Question 1

Longhorn Partnership reports the following items at the end of the current year:



What is the partnership's ordinary income? Which items are separately-stated?

Question 2

Marisa has a 75% interest in the MM Partnership. She sells the partnership a building used in her business for $150,000. Her adjusted basis of the building was $120,000. Marisa had used straight-line depreciation. The partnership will use the building for its offices. What are the tax consequences to Marisa of this transaction?


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Marked as best answer by misspop on Sep 13, 2020

trog

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