If a partner sells property received in a partnership distribution for a gain and the property was…

Identify which of the following statements is true

a.) If a partner sells property received in a partnership distribution for a gain and the property was inventory in the hands of the distributing partnership, the partner will always recognize ordinary income

b.) The primary purpose of Sec. 751 is to prevent partnerships from converting capital gains into ordinary income

c.) Unrealized receivables include rights to payments on the sale of a capital asset

d.) All are false

"Is this question part of your assignment? We can help"

ORDER NOW

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *