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Glenda sold her units in Gas Lines, LP, a PTP. She purchased the shares on November 15, 2017, for $5,000. She sold all her units on November 15, 2019, for $10,000. In 2017, the partnership reported distribution of $400. In 2018, the partnership reported a business income of $907, interest of $50, and a distribution of $1,900. In 2019, the partnership reported a business loss of $300, interest of $45, and a distribution of $3,100. What is the amount of Glenda's total gain or loss? $400 loss. $4,298 gain. $5,201 gain. $9,698 gain.

Glenda sold her units in Gas Lines, LP, a PTP. She purchased the shares on November 15, 2017, for $5,000. She sold all her units on November 15, 2019, for $10,000. In 2017, the partnership reported distribution of $400. In 2018, the partnership reported a business income of $907, interest of $50, and a distribution of $1,900. In 2019, the partnership reported a business loss of $300, interest of $45, and a distribution of $3,100. What is the amount of Glenda's total gain or loss? $400 loss. $4,298 gain. $5,201 gain. $9,698 gain.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Glenda sold her units in Gas Lines, LP, a PTP. She purchased the shares on November 15, 2017, for $5,000. She sold all her units on November 15, 2019, for $10,000. In 2017, the partnership reported distribution of $400. In 2018, the partnership reported a business income of $907, interest of $50, and a distribution of $1,900. In 2019, the partnership reported a business loss of $300, interest of $45, and a distribution of $3,100. What is the amount of Glenda's total gain or loss?

$400 loss.

$4,298 gain.

$5,201 gain.

$9,698 gain.

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