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maw [93]
3 years ago
9

The SSC Partnership balance sheet includes the following assets on December 31 of the current year:

Business
1 answer:
erastovalidia [21]3 years ago
7 0

The amount and character of Susan's gain or loss from the sale is $10,000 capital loss; $20,000 ordinary income.

<u>Explanation:</u>

Susan's share of unrealized receivables is $20,000 ($60,000 unrealized receivables into 1 by 3 interest). Susan will thus in the books record $20,000 of ordinary income and a $10,000 capital gain.

Susan’s share of unrealized receivable is $ 20000. Susan will recognize $20000 of ordinary income and a $10000 capital gain determined as the differnce the option shall be between the total gain of $30000 and the ordinary income of $20000. The answer from the given option is $10,000 capital loss; $20,000 ordinary income.

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