Alex is a partner with a 30 percent capital and profits inte…

Alex is a partner with a 30 percent capital and profits interest in Maple, a limited partnership, when he sells his entire interest on January 1 for $110,000. At the time of the sale, Alex’s basis in the partnership is $60,000.   If Maple has $30,000 of unrealized receivables at the time of the sale, what is the amount and character of Alex’s gain or loss on the sale of his interest?

The tax basis balance sheet for Boxelder, a general partners…

The tax basis balance sheet for Boxelder, a general partnership on the cash method of accounting, includes the following assets and liabilities on January 1 of this year:     Fair value Adjusted basis Assets:     Cash $180,000 $180,000 Accounts receivable $60,000 $0 Land $90,000 $120,000 Total $330,000 $300,000       Liabilities:     Mortgage $24,000 $24,000 Total $24,000 $24,000   Wanda, a partner with a 33.33 percent capital and profits interest, sells her entire partnership interest to Valerie for $102,000 cash plus the assumption of her share of Boxelder’s liabilities.   What is Valerie’s beginning basis in her 33.33 percent capital and interest in Boxelder?

Grammar / Punctuation / Usage Directions:  If the following…

Grammar / Punctuation / Usage Directions:  If the following sentence is written correctly, mark “A” for true.  If it is not written correctly, mark “B” for false.     ======================================================================================   I drive a 1962 Chevy Nova, it is light brown with lots of chrome.