Federico Is a 30% Partner in the FRM Partnership When

question 14

True/False

Federico is a 30% partner in the FRM Partnership when he sells his entire interest to Maria for $98,000.At the time of the sale,Federico's basis in FRM is $74,000.FRM does not have any debt.In addition,FRM's assets include accounts receivable with zero tax basis and $21,000 fair market value at the date of the sale.Federico will recognize ordinary income of $24,000 on the sale of his partnership interest.

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