Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cindy sold her interest in a partnership fir $30,0

Cindy sold her interest in a partnership fir $30,000 cash when her outside basis was...

60.1K

Verified Solution

Question

Accounting

Cindy sold her interest in a partnership fir $30,000 cash when her outside basis was $12,000. She was telieved of het $20,000 share of partnetship luabilities What is Cinys tecognized gain or liss from the sale of her partnership interest?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Plyler Enterprises sells garage doors in Erie, PA and has provided the following information: # of units sold                                     15,000 Average...

Accounting
Q

Which organelle would be high in quantity in the following cell types: 1. Pancreas cells: Smooth ER 2....

Biology
Q

The Human Eye THE HUMAN EYE: While digital camera form images with pixels, the human eye...

Physics
Q

When global companies recruit new employees for their overseas operations, what are the different options for...

General Management
Q

Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained...

Calculus
Q

Use matrices to solve the system.5x+10y = 28.84x - 3y = 7.97

Algebra
Q

Recursive Explicit Definitions Which sequence could be described by the explicit definition 2 n 3...

Algebra
Q

4 Find the sum of the arithmetic series if a 26 a28 163 and n...

Algebra
Q

Fergie has the choice between investing in a State of New York bond at 5.4...

Accounting
Q

Which of the following is not a significant date with respect to dividends? Select one:...

Accounting
Q

Question 1 Dr. You have been asked to help prepare the financial statements of Gloss,...

Accounting
Q

Greenleaf Manufacturers, Inc. needs to produce 75,000 machines for 2012. The estimated January 1, 2012,...

Accounting