(Answered) Question - st partnership had the following assets

Accounting

Question - St partnership had the following assets: inventory value $30,000, basis$ 12,000

Land-value $90,000, basis $48,000

Inventory is a section 751 asset and each partner has an outside basis of $30,000.S,a 50% partner,and her partner, received partial distribution from the partnership.S received land worth$30,000 with a basis of $16,000: T received inventory with a basis of $12,000. What is T's recognized gain,ignoring partnership income.

$7,000 capital gain

$7,000 ordinary gain

$9,000 ordinary gain

$14,000

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