se show detailed calculations and explanations. Answers without showing calculations/explanations, will not receive credit. Zayde is a one-third partner in the ARZ Partnership, with an outside basis of $156,000 on January 1. Zayde sells his partnership interest to Thomas on January 1 for $180,000 cash. The ARZ Partnership has the following assets and no liabilities as of January 1: Basis FMV Cash $ 27,000 $ 27,000 Accounts receivable 0 18,000 Inventory 103,500 121,500 Equipment 270,000 337,500 Stock investment 67,500 96,000 Totals $ 468,000 $ 600,000 The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation. The stock was purchased three years ago. What is the amount and character of Zayde's gain or loss on the sale of his partnership interest? please dont provide images in solutions thank you
se show detailed calculations and explanations. Answers without showing calculations/explanations, will not receive credit.
Zayde is a one-third partner in the ARZ
|
|
Basis |
FMV |
|
Cash |
$ 27,000 |
$ 27,000 |
|
|
0 |
18,000 |
|
Inventory |
103,500 |
121,500 |
|
Equipment |
270,000 |
337,500 |
|
Stock investment |
67,500 |
96,000 |
|
Totals |
$ 468,000 |
$ 600,000 |
The equipment was purchased for $360,000 and the partnership has taken $90,000 of
please dont provide images in solutions thank you
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