Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the end of last year, lisa, a 40% partner in th

At the end of last year, Lisa, a 40% partner in the five-person LAMEC partnership,...

90.2K

Verified Solution

Question

Accounting

At the end of last year, Lisa, a 40% partner in the five-person LAMEC partnership, has an outside basis of $60,000 including her $30,000 share of LAMEC debt. On January 1 of the current year, Lisa sells her partnership interest to MaryLynn for a cash payment of $45,000 and the assumption of her share of LAMECs debt. If LAMEC has $100,000 of unrealized receivables as of the sale date, what is the amount of Lisas ordinary income recognized as a result of the sale?

Answer is not 75,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

41a. What is the purpose of pulling up on one end of the towel during the...

Medical Sciences
Q

Go to a public place and observe an interaction between people engaging in interpersonal communication. Be...

Psychology
Q

Hi, I'm currently writing a Matlab program to simulate the Apollo 11 trajectory. Now I want...

Mechanical Engineering
Q

Name, define, and explain the three barriers to effective communication. Your post should be substantial, and...

Psychology
Q

Describe three (3) historical theories and practices of people management and show their relationship with developments...

General Management
Q

Kendra and her horse completed the barrel racing course in 15.839 seconds. What is this...

Basic Math
Q

According to the National Student Clearinghouse Research Center women now comprise 60 of enrollment in...

Statistics
Q

a Given the complex numbers z 1 5 3 i and w 0 5 0...

Algebra
Q

2.Record the declaration of the property dividend. 3.Record the entry on the date of record....

Accounting
Q

During May, all Direct Materials are transferred from Department A. Inventories are costed by the...

Accounting
Q

Un proceso de auditora es una metodologa bien definida para organizar una auditora para garantizar...

Accounting
Q

Receivables Investment Snider Industries sells on terms of 2/10, net 45. Total sales for the...

Finance