partnership tax
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The XYZ partnership has the following balance sheets:
|
Basis |
FMV |
|||
|
Land |
$40,000 |
$52,000 |
||
|
Inventory |
$20,000 |
$40,000 |
||
|
Unrealized Rec. |
$0 |
$25,000 |
||
|
Liabilities |
$12,000 |
$12,000 |
||
|
Capital, X |
$16,000 |
$35,000 |
||
|
Capital, Y |
$16,000 |
$35,000 |
||
|
Capital, Z |
$16,000 |
$35,000 |
||
|
$60,000 |
$117,000 |
|||
If partner X (1/3 partner) sells his partnership interest (holding period = two years) to W for $30,000 cash, how much income will X recognize, and what will be its character?
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