Solved: Jose purchased a 30 partnership interest for 38000 in june, Accounting Basics

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Jose purchased a 30 partnership interest for 38000 in june

Question: Jose purchased a 30% partnership interest for $38,000 in June 2012. Jose's share of partnership income was $8,000 in 2012. $12,000 in 2013, $28,000 in 2014, and $6,000 in 2015, Jose made no additional contributions to, or withdrawals from, the partnership. On December 29.2015, Jose sold his partnership interest for $108,000. What is Jose's gain or loss on the sale of his partnership interest?

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Accounting Basics: Jose purchased a 30 partnership interest for 38000 in june

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