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Assume that the HI partnership in the preceding problem held the IPR stock for three months and on October 1 sold it for $15,000 to Isaac Stanley, the 80 percent partner and a real estate broker. How much profit must Henry Report on this partnership sale currently? What is the character of the reported profit? How would your answer be different he were a dealer in securities?

Frank Caster and George Wilson were equal partners of the F&G partnership, which reported its income on a fiscal year 2007-08, the partnership's ordinary income was $30,000. It's ordinary income for the months of October-December 2008 was $9,000 the partnership was terminated on December 31, 2008, and each partner was repaid his capital account as of September 30, 2008, plus his earnings since that date. Frank did not receive his check until January 1, 2009. What income will Frank report from the partnership on his 2008 personal return?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M992921

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