$45$

$2$ points

Jason is a $25\%$ partner in the JJM Partnership when he sells his entire interest to Lavelle for $$76,000.$ At the time of the sale, Jason's basis in JJM is $$87,000.$ JJM does not have any debt or hot assets. Jason's will recognize a gain of $$11,000$ on the sale of his partnership interest.

True

False $q,$

$2$ points

ASC $740$ lists two objectives: Recognize the amount of income taxes payable or refundable in the current year and Recognize deferred tax liabilities and assets for the $($expected$)$ future tax consequences of events that have been recognized in an enterprise's financial statements or tax returns

True

False