The ABC partnership has the following balance sheets: BASIS FMV ...

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Accounting

The ABC partnership has the following balance sheets:

BASIS FMV

Land

$30,000

$60,000

Liabilities

$0

$0

A

$10,000

$20,000

B

$10,000

$20,000

C

$10,000

$20,000

$30,000

$60,000

A sold his (1/3) interest to G for $20,000, with $15,000 payable this year and $5,000 next year. How much and what character of gain will A have to recognize in each of the two years?

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