Federico Is a 30% Partner in the FRM Partnership When

question 39

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. The remaining assets of the partnership are capital and §1231assets. Federico will recognize ordinary income of $24,000 on the sale of his partnership interest.

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Generalist Intervention Model

A framework used in social work that integrates multiple levels of intervention (individual, family, community) to address complex problems comprehensively.

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