What will be the character of the gain

Assignment Help Other Subject

Reference no: EM13185008

Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2011. Ronald contributed $100,000 in exchange for his one-half interest in R&R partnership. Roy contributed land worth $100,000 and with an adjusted basis to Roy of $30,000 in exchange for his one-half interest in the partnership. Roy is a real estate developer, and at the time of the contribution, the land was inventory in his hands. The land is a capital asset in the hands of R&R Partnership. If R&R Partnership sells the land in 2017 to an unrelated taxpayer for $180,000, how much gain will be recognized by R&R Partnership and what will be the character of the gain?

Reference no: EM13185008

Questions Cloud

Experienced grouping by gender-age and class : In your own life, have you personally seen and experienced grouping by gender, age and class? What do you see as the positive and negative aspects of these groupings?

Rooted in historical education philosophies : What experiences did you have as a student that you now understand were rooted in historical education philosophies?

Information about race and ethnicity : What information about race and ethnicity in the United States has helped you better understand or relate to specific minority groups

Development of one''s people and soft skills : I now hate talking on the phone and will text just to keep from actually talking to someone. What positive/negative effects do you think technology has had on the development of one's people/soft skills?

What will be the character of the gain : how much gain will be recognized by R&R Partnership and what will be the character of the gain?

Result of the sale by the partnership : How much gain was required to be allocated to Tina as a result of the sale by the partnership?

Personal income tax return : The property later was sold for $12,000. As a result of this sale, how much gain or loss must Jim report on his personal income tax return?

Logical analysis : Explain what advantages we obtain by studying logic in terms of improving our reasoning. Consider a debate over whether prayer should be allowed in public schools. Explain what logic can and cannot do. In other words, what kinds of questions and topi..

What are federal-state and local regulatory agencies : "What are federal, state, and local regulatory agencies, and what are their main roles in protecting consumers?

User Account

All Pages