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

question 101

Essay

Victor is a one-third partner in the VRX Partnership, with an outside basis of $166,900 on January 1. Victor sells his partnership interest to Raj on January 1 for $212,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
The equipment was purchased for $345,000 and the partnership has taken $86,250 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?

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Infant Facial Expressions

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