partnership tax

Anonymous
timer Asked: Dec 18th, 2018
account_balance_wallet $25

Question description

The XYZ partnership has the following balance sheets:

Basis

FMV

Land

$40,000

$52,000

Inventory

$20,000

$40,000

Unrealized Rec.

$0

$25,000

Liabilities

$12,000

$12,000

Capital, X

$16,000

$35,000

Capital, Y

$16,000

$35,000

Capital, Z

$16,000

$35,000

$60,000

$117,000


If partner X (1/3 partner) sells his partnership interest (holding period = two years) to W for $30,000 cash, how much income will X recognize, and what will be its character?

Tutor Answer

Professorjuliette
School: UT Austin

...

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Anonymous
Only issue was the guy's response time which was a bit long, which made me a bit anxious. Reached out to the help desk and they helped me out, turns out the tutors aren't all from US which meant there was a time difference. No issues on the quality.

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