Business, 20.10.2021 19:50 xj855042

Tim, a real estate investor, Ken, a dealer in securities, and Hardware, Incorporated, a retail lumber store, form a partnership called HKT, LP. HKT is in the home-building business. Tim recently purchased his interest in HKT, while the other partners purchased their interests several years ago. During X3, HKT reports a $12,000 gain from the sale of a stock in a wholesale lumber company it purchased in X1 for investment purposes. Which of the following statements best represents how their portion of the gain should be reported to the partner? a. Tim- Short-term Capital Gain
b. Ken-Ordinary Income
c. Hardware Inc.-Long-term Capital Gain
d. All of the above are correct
e. None of the above is correct

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Tim, a real estate investor, Ken, a dealer in securities, and Hardware, Incorporated, a retail lumbe...

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