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Helga [31]
2 years ago
12

Grace, James, Helen, and Charles each own equal interests in GJHC Partnership, a calendar-year-end, cash-method entity. On Janua

ry 1 of the current year, James’s basis in his partnership interest is $73,750. For the taxable year, the partnership generates $80,400 of ordinary income and $36,000 of dividend income. For the first five months of the year, GJHC generates $25,750 of ordinary income and no dividend income. On June 1, James sells his partnership interest to Robert for a cash payment of $83,500. The partnership has the following assets and no liabilities at the sale date: (Do not round your intermediate calculations. Round your final calculation to the nearest whole dollar amount. Enter a loss as a negative number.)
Tax Basis FMV
Cash $ 38,500 $ 38,500
Land held for investment 83,500 108,200
Totals $ 122,000 $ 146,700


a.
Assuming GJHC’s operating agreement provides that the proration method will be used to allocate income or loss when p
artners’ interests change during the year, what is James’s basis in his partnership interest on June 1 just prior to the sale?

Business
1 answer:
Sloan [31]2 years ago
3 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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