Business, 03.04.2021 02:40, zyrashanson
Ansel purchased raw land three years ago for $210,000 to hold as an investment. After watching the value of the land drop to $152,000, he decided to contribute it to Mountainside Developers LLC in exchange for a 5 percent capital and profits interest. Mountainside plans to develop the property and will treat it as inventory, like all the other real estate it holds.
a. If mountains sells the property for 150000 after holding it for one year how much gain or loss does it recognise and what is the character of gain and loss?
b. If mountains sells the property for 125000 after holding it for two year how much gain or loss does it recognise and what is the character of gain and loss?
c. If mountains sells the property for 150000 after holding it for six year how much gain or loss does it recognise and what is the character of gain and loss?
Answers: 2
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Ansel purchased raw land three years ago for $210,000 to hold as an investment. After watching the v...
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