No gift tax was paid. hart jr. sold the 25 partnership, Ask an Expert

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On August 1 of the current year, George Hart, Jr. acquired a 25% interest in the Wilson, Hart, and Company partnership by gift from his father. The partnership interest had been acquired by a $50,000 cash investment by Hart, Sr. 20 years ago. The basis of Hart, Sr.'s partnership interest was $60,000 at the time of the gift. No gift tax was paid. Hart, Jr. sold the 25% partnership interest for $85,000 on December 17 of this year. What type and amount of gain should Hart, Jr. report on his current-year tax return?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M964416

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