During the current year, Phyllis Diaz sold her 2 0 % interest in Carson Partnership for $
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Question:
During the current year, Phyllis Diaz sold her interest in Carson Partnership for $
She held the interest for several years.
Prior to the sale, the partnership had the following on their books:
Adj. Basis Fair Market Value
Cash $ $
Accounts Receivable $
Machinery $ $
Real Estate $ $
The partnership would recognize $ of Sec gain on this asset if it was sold.
Liabilities $ $
CapitalPhyllis $ $
CapitalMichael $ $
Prepare a Tax Workpaper that shows the calculation of Phyllis' gain or loss realized. Be sure to answer the question, What will be the character of the gain or loss?
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