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Business, 21.01.2020 01:31 alexsince4835

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?

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On april 1, 2019, george hart, jr. acquired a 25% interest in the wilson, hart, and company partners...
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