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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

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