Victor Is a One-Third Partner in the VRX Partnership, with an Outside

question 67

Essay

Victor is a one-third partner in the VRX Partnership, with an outside basis of $156,000 on January 1.Victor sells his partnership interest to Raj on January 1 for $200,000 cash.The VRX Partnership has the following assets and no liabilities as of January 1:
Cash
Accourts receivable
$\begin{array}{llll} & \text { Basis } &\text { FMV } \\ \text { Cash } &\$27,000&\$27,000\\ \text {Accourts receivable } &-0-&18,000\\ \text {Inveritory } &103,500&121,500\\ \text { Equipment } &270,000&337,500\\ \text {Stock irvestrnent } &\underline{67,500}&\underline{62,500}\\\text {Totals}&\underline{\$468,000}&\underline{\$566,500}\end{array}$
The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation.The stock was purchased seven years ago.What is the amount and character of Victor's gain or loss on the sale of his partnership interest?

Identify legal aspects of employee selection and hiring practices.

Comprehend the significance of employees as valuable assets to a company.

Understand the role of job analysis in human resource activities.

Know how different tools and methods can be utilized in employee selection.

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Definitions:

Financial Reports

Formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.

Stock Prices

The current price at which a share of stock can be bought or sold in the market.

Future Earnings

The projected income a company is expected to earn in future periods, often used by investors to evaluate the firm's growth potential and value.

Unbiased

Free from bias; presenting a fair, objective representation of facts or information.