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How much capital gain does Yong recognize on the sale

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Problem - On December 31, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong is a calendar year taxpayer. Catawissa owns no hot assets, and its tax year ends on September 30. On October 1, Yong's basis in the LLC interest was $11,000. His share of current LLC income is $4,000 for the period in which he owned the LLC interest (October 1 to December 31). How much capital gain does Yong recognize on the sale?

Reference no: EM132648340

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