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

09 Oct 2021

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.

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