On january 2 2013 henry cabot and lodge formed a, Ask an Expert

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On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:

a. $70,000

b. $50,000

c. $30,000

d. $23,333

e. $10,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940537

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