Business, 08.12.2021 03:20, tmeissner14
Victor is a one-third partner in the VRX Partnership, with an outside basis of $236,800 on January 1. Victor sells his partnership interest to Raj on January 1 for $287,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
Basis FMV
Cash $ 38,800 $ 38,800
Accounts receivable 0 20,400
Inventory 125,500 147,100
Equipment 299,250 373,950
Stock investment 69,600 101,700
Totals $ 533,150 $ 681,950
The equipment was purchased for $399,000 and the partnership has taken $99,750 of depreciation. The stock was purchased seven years ago. What is the amount and character of Victor's gain or loss on the sale of his partnership interest?
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Victor is a one-third partner in the VRX Partnership, with an outside basis of $236,800 on January 1...
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