Bob and Lyn were unrelated partners in the BL Partnership, Bob owning a 70 percent...
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Bob and Lyn were unrelated partners in the BL Partnership, Bob owning a 70 percent nterest and Lyn all of the rest. Bob sold an old truck to the partnership for $3,000. The truck had been used in Bob's sole proprietorshlp prior to the sale. It had a basls of $5,000 to Bob. The partnership sold ten days after purchasing t from Bob. What is the amount and character of tha gain or loss to the partnership from its sale of the truck? a $O. b. $525 $1231 gain. c. $525 ordinary gain. d. $1,475 ordlnary loss. the tuck to an unrelated third party for $3,525
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