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The December 31, 2011, Balance Sheet of the Calendar-Year JKL

Question 83

Essay

The December 31, 2011, balance sheet of the calendar-year JKL Partnership reads as follows.
The December 31, 2011, balance sheet of the calendar-year JKL Partnership reads as follows. Each partner shares in 1/3 of the partnership capital, income, gain, loss, deduction and credit. On December 31, 2011, Jan sells her 1/3 partnership interest to Jennifer for $43,000 cash. Assume the partnership makes a § 754 election for 2010. Each partner shares in 1/3 of the partnership capital, income, gain, loss, deduction and credit. On December 31, 2011, Jan sells her 1/3 partnership interest to Jennifer for $43,000 cash. Assume the partnership makes a § 754 election for 2010.
The December 31, 2011, balance sheet of the calendar-year JKL Partnership reads as follows. Each partner shares in 1/3 of the partnership capital, income, gain, loss, deduction and credit. On December 31, 2011, Jan sells her 1/3 partnership interest to Jennifer for $43,000 cash. Assume the partnership makes a § 754 election for 2010.

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