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Lilit [14]
4 years ago
9

Kenya sells her 20% partnership interest having a $28,000 basis to Ebony for $50,000 cash At the time of the sale, the partnersh

ip has no liabilities and its assets are as follows: Basis FMV Cash Unrealized receivables Land $20,000 60,000 100,000 $20,000 110,000 Ordinary income recognized by Kenya as a result of the sale is a. $0 b. $22,000 c. $12,000 d. $10,000
Business
1 answer:
Anettt [7]4 years ago
4 0

Answer:

Cash received from ebony is 50k

payment to be met is 28000

net income is

$50000-$28000=$22000

is the net income to be recognised

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