Michelle pays $183,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,300. Westlake reports the following balance sheet: Tax Basis FMV Assets $ 96,300 192,600 $ 288,900 $ 96,300 452,700 Cash Land Totals $ 549,000 Liabilities and capital Capital-Amy Capital-Brittany Сapital-Ben $ 96,300 $ 96,300 $ 96,300 $ 288,900 Totals (Leave no answer blank. Enter zero if applicable.) d. How much gain or loss would Michelle recognize if the land were sold for $452,700? Recognized gain

Michelle pays $183,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,300. Westlake reports the following balance sheet: Tax Basis FMV Assets $ 96,300 192,600 $ 288,900 $ 96,300 452,700 Cash Land Totals $ 549,000 Liabilities and capital Capital-Amy Capital-Brittany Сapital-Ben $ 96,300 $ 96,300 $ 96,300 $ 288,900 Totals (Leave no answer blank. Enter zero if applicable.) d. How much gain or loss would Michelle recognize if the land were sold for $452,700? Recognized gain

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 54P

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