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7 July, 20:20

Kenya sells her 20% partnership interest having a $28,000 basis to Ebony for $50,000 cash At the time of the sale, the partnership has no liabilities and its assets are as follows: Basis FMV Cash Unrealized receivables Land $20,000 60,000 100,000 $20,000 110,000 Ordinary income recognized by Kenya as a result of the sale is a. $0 b. $22,000 c. $12,000 d. $10,000

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  1. 7 July, 22:10
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    Cash received from ebony is 50k

    payment to be met is 28000

    net income is

    $50000-$28000=$22000

    is the net income to be recognised
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