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Six years ago in dissolution of partnership bee partner joe

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Six years ago in dissolution of Partnership Bee, Partner Joe received his pro rata share of inventory items held for sale to customers. The items had an adjusted basis to Joe of $20,000. This year, Joe sold the items for $30,000. At the time of the sale, Joe was holding these items as capital assets. What gain or loss should Joe report from the sale on his tax return?

Reference no: EM13598804

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