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Author Question: Lars has a basis in his partnership interest in XXL of $100,000. He sells the partnership interest ... (Read 80 times)

MGLQZ

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on: Sep 13, 2020
Lars has a basis in his partnership interest in XXL of $100,000.  He sells the partnership interest in XXL for $160,000.  XXL is a cash-basis partnership which has accounts receivable with a $30,000 fair market value and a zero adjusted basis.  Lars's share of these receivables is $10,000.  What is the amount and character of the gain that Lars recognizes on the sale of his partnership interest?
◦ $50,000 capital gain
◦ $60,000 capital gain
◦ $10,000 ordinary income and $50,000 capital gain
◦ $10,000 ordinary income and $60,000 capital gain
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by MGLQZ on Sep 13, 2020

Liamb2179

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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MGLQZ

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

zacnyjessica

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Reply 3 on: Yesterday
Excellent

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