Match the following independent descriptions as hot i.e., ordinary income-producing) or nonhot assets with the following statements.
-Highly appreciated land held by the partnership for the purpose of subdividing and selling lots.
A)Hot assets for purposes of distributions, liquidation of a partnership interest under § 736, and sale of a partnership interest.
B)May be a hot asset for some but not all the purposes stated in a).
C)Not a hot asset.

Question

Quizplus · Accepted Answer

The Answer of Match the following independent descriptions as hot i.e., ordinary income-producing) or nonhot assets with the following statements.
-Highly appreciated land held by the partnership for the purpose of subdividing and selling lots.
A)Hot assets for purposes of distributions, liquidation of a partnership interest under § 736, and sale of a partnership interest.
B)May be a hot asset for some but not all the purposes stated in a).
C)Not a hot asset.

Match the Following Independent Descriptions as Hot I