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Determine the amount of income that the partner report

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Problem 1: Determine the amount of income that the partner should report as income from the partnership or the amount of capital gain or loss the partner should recognize.

Bridgette has 60% interest in Overton partnership. Bridgette is unrelated to the other partners. In 2019, Bridgette sold 2,500 shares of a listed stock to Overton for the stock's fair market value of $75,000. Bridgette's basis for this stock, which was purchased in 2006, was $86,000.

Reference no: EM132811296

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