On april 1, 2019, george hart, jr. acquired a 25% interest in the wilson, hart, and company partnership by gift from his father. the partnership interest had been acquired by a $50,000 cash investment by hart, sr. on july 1, 2013. the tax basis of hart, sr.'s partnership interest was $60,000 at the time of the gift. hart, jr. sold the 25% partnership interest for $85,000 on december 17, 2019. what type and amount of capital gain should hart, jr. report on his 2019 tax return?

Long term capital gain of $25,000

Explanation:

Since the partnership interest was a gift from George's father, the holding period will include the time his father owned the partnership interest (from 2013 - 2019), so any gain will be a long term gain.

The basis for George's taxes will be the basis at the time he received the gift ($60,000), so his gain = $85,000 - $60,000 = $25,000

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