Josh (a US individual) sold his 25% in Acme LP (a US partnership) on December...
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Accounting
Josh a US individual sold his in Acme LP a US partnership on December for $ and relief of his $ share of recourse liabilities. Prior to the sale, Josh had a tax capital account of $ The partnership did not hold any hot assets at the time of the sale. As a result of this transaction, Josh will recognize:$ Capital Gain$ Capital Gain$ Capital loss$ Capital Loss
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