June's total gain is $__________, consisting of a capital gain of $_________ and ordinary income of $__________
At the end of last year, June, a 30% partner in the four-person BJJM
Identify the income tax consequences to June in each of the following independent situations that take place in the current year.
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a. On the first day of the tax year, June sells her partnership interest to Marilyn for $120,000 cash plus the assumption by Marilyn of the appropriate share of partnership liabilities.
June's total gain is $__________, consisting of a
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