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dont answer the 1st one answer the 2nd one only please BUILT-IN-GAINSTAX...

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Accounting

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dont answer the 1st one
answer the 2nd one only please
BUILT-IN-GAINSTAX (10 Fint) Rroure: The Balance Sheet of the equal Henry Partnership on August 31, 2023 is as follows: Cash (Adjusted Basis - $150,000; Fair Market Value - 5150,000 ); Unrealized Receivables (Adjusted Basis - \$-0; Fair Market Value - \$210,000); Capital Assets (Adjusted Basis - \$420,000; Fair Market Value - $510,000 ) (Total Assets: (Adjusted Basis - \$\$70,000, Fair Market Value - $870,000) : Notes Payable (Adjusted Basis - $180,000; Fair Market Value - $180,000 ); Capital Accounts: john Capital (Adjusted Basis - \$130,000, Fair Market Value - $230,000 ) Clarence Capital (Adjusted Basis - $130,000, Fair Market Value - $230,000 ) James Capital (Adjusted Basis $130,000; Fair Market Value - \$230,000) (Total Liabilities And Equity (Capital) - (Ad,usted Basis - \$570,000; Fair Market Value - \$870,000). John sells his interest in the Partnership to someone outside of the Partnership for Cash of $320,000 and the assumption of his share of the Partnership Liabilities. The amount of Capital Gain recognized by john for the sale of his Partnership interest is: $70,000 $190,000 $120,000. $160,000

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