Income taxbrain owns a 30 profit and loss interest in the, Ask an Expert

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Income Tax

Brain owns a 30% profit and loss interest in the MON Partnership. Brain acquired his interest by contributing a nondepriciable capital asset with a fair market value of $ 60,000 and adjusted basis of $24,000. Mariyln acquired her 50% interest by contributing bash of $100,000. Other partners won the remaining 20% interest. Soon after forming the partnership, the asset contributed by Brady is sold for $ 64,000.

Assuming no other transaction occur during the year, Mariyln includes the following amount of partnership capital gain on her personal return. $ _________________ (show work Please)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91347676

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