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The December 31,2010,balance Sheet of the Calendar-Year JKL Partnership Reads

Question 33

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The December 31,2010,balance sheet of the calendar-year JKL Partnership reads as follows.
The December 31,2010,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 31,2010,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 31,2010,Jan sells her 1/3 partnership interest to Jennifer for $43,000 cash.Assume the partnership makes a § 754 election for 2010.
The December 31,2010,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 31,2010,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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