Answer Happy

Part 2 of 2 [The following information applies to the questions displayed below.] a 0.73 points Reggie contributed $23,000 in cash and a capital asset he had held for three years with a fair market value of $46,000 and tax basis of $11,500 for a 5 percent capital and profits interest in Green Valley LLC. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) b. If Reggie sells his LLC interest two months later for $69,000 when the tax basis in his partnership interest is still $34,500, how much gain does he report, and what is its character? [Hint. See Regulations $1.1223-3.] X Answer is not complete. Long-term capital gain Short-term capital gain h

Required information [The following information applies to the questions displayed below.] a Reggie contributed $23,000 in cash and a capital asset he had held for three years with a fair market value of $46,000 and tax basis of $11,500 for a 5 percent capital and profits interest in Green Valley LLC. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) b. If Reggie sells his LLC interest two months later for $69,000 when the tax basis in his partnership interest is still $34,500, how much gain does he report, and what is its character? [Hint. See Regulations 31.1223-3.] X Answer is not complete. Long-term capital gain Short-term capital gain