What type and amount of capital gain, Accounting Basics

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What type and amount of capital gain

On April 1, George Hart, Jr. acquired a 25 percent interest in the Wilson, Hart, and Company partnership by gift from his father. The 25 percent partnership interest had been acquired by a $50,000 cash investment by Hart, Sr. 10 years ago. The fair market value of Hart, Sr.'s partnership interest was $60,000 at the time of the gift. Hart, Jr. sold the 25 percent interest for $85,000 on December 17. What type and amount of capital gain should Hart, Jr. report on his tax return?

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Accounting Basics: What type and amount of capital gain

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Accounting Basics: What type and amount of capital gain

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Accounting Basics: What type and amount of capital gain

Reference No:- TGS0101330

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