On December 31, 2015, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong
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On December 31, 2015, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong is a calendar year taxpayer. Catawissa owns no hot assets, and its tax year ends on September 30. On October 1, 2015, Yong’s basis in the LLC interest was $11,000. His share of current LLC income is $4,000 for the period in which he owned the LLC interest (October 1 to December 31).
How much capital gain does Yong recognize on the sale?
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Yong recognizes a 2500 capital gain Yongs basis of ...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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