Reference no: EM132716582
The following assets are recorded on SYZ partnership's books as follows:
Inventory- basis to the partnership $12,000, FMV $28,000
Land- basis to the partnership $20,000, FMV $42,000
Equipment (not Realty) Original Cost $70,000, adjusted basis $60,000 due to $10,000 in MACRS accelerated depreciation; FMV $70,000
Total partner's capital accounts- at basis $92,000, at FMV $140,000
- Sylvie was a 50% partner in SYZ until she sold her entire interest in the partnership for $70,000 cash when her outside basis in her partnership interest was $50,000.
Problem 1: How should Sylvie's total $20,000 gain on the sale of her partnership interest be characterized for tax purpose?
- ALL capital gain
- OR
- $8,000 ordinary gain & $12,000 capital gain
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