At the end of last year, Cynthia, a 20 percent partner in the five-person CYG partnership, has an outside basis of $28,500, including her $14,000 share of CYG debt. On January 1 of the current year, Cynthia sells her partnership interest to Roger for a cash payment of $21,500 and the assumption of her share of CYG's debt CYG has no hot assets. What is the amount and character of Cynthia's recognized gain or loss on the sale? A. $7,000 capital loss.
B. $2,000 ordinary loss.
C. $7,000 capital gain.
D. $7,500 ordinary income.

Which term refers to the cost that motivates an economic decision

Adds up the money earned by producers plus taxes paid to the goverment. a) income approach b) product approach c) expenditure approach

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500