Henry Hawkins owns a 20 percent interest in the HI Partnership. On July 1 he sold 100
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Henry Hawkins owns a 20 percent interest in the HI Partnership. On July 1 he sold 100 shares of stock of IPR Corporation to the partnership for \(\$ 10,000\), its fair market value. The stock had cost him \(\$ 5,00010\) months prior to the sale. How much and what character of profit must Henry report on this sale currently?
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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