How much capital gain did Yong recognize on the sale of his 10% interest in Catawissa LLC to Mei?

Answer: Yong recognized a $6,500 capital gain on the sale.

Calculating Capital Gain on Sale of LLC Interest

14 May 2022

Explanation:

Capital Gain Calculation:

Capital gain on sale = Sales of interest by Yong - Basis of Yong in the LLC interest

Sales of interest by Yong: $17,500

Less Basis of Yong in the LLC interest: $11,000

Gain: $6,500

Therefore, Yong recognized a capital gain of $6,500 because he sold his 10% interest in Catawissa LLC to Mei for $17,500. His basis in the LLC interest was $11,000, resulting in a capital gain of $6,500.

← Growing your book of business lead generation activities Chocolate bliss marketing plan target market and persona analysis →

› Who is entitled to the house under the doctrine of promissory estoppel?
› Zeta, Inc. Casualty Loss Tax Deduction Calculation
› Title: The Role of the Federal Trade Commission in Franchise Purchases
› Optimizing the Receiving Process in Business Operations
› Business Letter Date Format
› Debt-to-Capital Ratio Calculation Explained
› How to choose the best running shoes for your needs
› The Impact of Social Media on Mental Health
› Spanish Numbers 30-50: Let's Learn and Practice!
› AWS Storage Gateway: Seamless Snapshotting for Continuous Usage
› Which Command Will Enable the VLAN Interface?
› What is the most popular programming language in 2021?

Explanation:

More Posts: