Solution: $109,500 x 181/365 x 0.10 = $ 5,430 $109,500 x 184/365 x 0.20 = 11,040 Total $16,470 C:

Solution: $109,500 x 181/365 x 0.10 = $ 5,430 $109,500 x 184/365 x 0.20 = 11,040 Total $16,470 C:9-48.On December 1, Antonio, a member of a three-person partnership, purchases investment securities from the partnership for their $37,000 FMV. All partners share profits and losses equally. The securities were acquired by the partnership for $25,000 cash in March of the current year. What amount and character of gain will Antonio recognize because of this transaction? A. $0 gain b. $4,000 ordinary income c. $4,000 short-term capital gain d. $12,000 ordinary income c, p. C:9-18.

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