Kaye owns an 85% interest in the capital and profits of amor antiques, a partnership. in year 2, kaye sold an oriental lamp to amor for $6,000. kaye bought this lamp in year 1 for her personal use at a cost of $2,000 and had used the lamp continuously in her home until the lamp was sold to amor. amor purchased the lamp as inventory for sale to customers in the ordinary course of business. what is kaye’s reportable gain in year 3 on the sale of the lamp to amor?
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Kaye owns an 85% interest in the capital and profits of amor antiques, a partnership. in year 2, kay...
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