Troy sells his 25% interest in a ptrsp for $50,000 cash when the ptrsp assets are as
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Question:
Troy sells his 25% interest in a ptrsp for $50,000 cash when the ptrsp assets are as follows:
Basis FMV cash $40,000 $40,000
accounts receivables -0- 36,000
inventory 40,000 92,000
land used in the business 40,000 32,000
The ptrsp has no liabilities on the sale date. Troy's outside basis in his ptrsp interest is $30,000 on the date of the sale. How much income does Troy recognize and what is it's character?
Expert Answer:
Troy sells his 25 of Interest in Partnership for 50000 value of Partnership is as follow... View the full answer
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