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How much gain will the partnership and partners recognize

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Reference no: EM132747422

Question - The ABC Partnership has the following balance sheets at December 31:

Basis FMV

Cash $45,000 $45,000

Accounts Receivable 0 108,000

Inventory 66,000 120,000

Land 420,000 285,000

Capital, A $177,000 $186,000

Capital, B 177,000 186,000

Capital, C 177,000 186,000

$531,000 $558,000

Required - How much gain will the partnership and partners A and B recognize on the sale?

Reference no: EM132747422

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