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Business, 12.11.2019 00:31 ligittiger12806

Karl arranges financing for a limited partnership to purchase real estate in exchange for a 50% interest in partnership profits. two weeks later, karl sells the profits interest for $30,000. in this tax year, karl must recognizea) no gain or loss. b) a $30,000 short-term capital gain. c) a $30,000 ordinary income. d) a $30,000 sec. 1231 gain.

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