This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Lars has a basis in his partnership interest in XXL of $100,000. He sells the partnership interest ... (Read 38 times)

MGLQZ

  • Hero Member
  • *****
  • Posts: 579
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by MGLQZ on Sep 13, 2020

Liamb2179

  • Sr. Member
  • ****
  • Posts: 365
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.
Answer Preview
Only 44% of students answer this correctly


MGLQZ

  • Member
  • Posts: 579
Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

raenoj

  • Member
  • Posts: 340
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

A seasonal flu vaccine is the best way to reduce the chances you will get seasonal influenza and spread it to others.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

How to calculate simple interest (Part 2) How to calculate simple interest (Part 2)
How to calculate compound interest (Part 2) How to calculate compound interest (Part 2)
A $50 000 bond bearing interest at 5.5% payable semi-annually is redeemable at par on August ... A $50 000 bond bearing interest at 5.5% payable semi-annually is redeemable at par on August ...
Nine $10 000, 4% bonds with interest payable semi-annually and redeemable at par are purchased ... Nine $10 000, 4% bonds with interest payable semi-annually and redeemable at par are purchased ...
Chelsea Donahue has a​ 20-year home mortgage of ​78,000 at​ 7.50% interest and will pay ... Chelsea Donahue has a​ 20-year home mortgage of ​78,000 at​ 7.50% interest and will pay ...
A promissory note for $600.OO dated January 15, 2017. requires an interest payment of $120 00 ... A promissory note for $600.OO dated January 15, 2017. requires an interest payment of $120 00 ...
Video: Functional zones in a mitochondrion

For a complete list of videos, visit our video library