The SSC, a cash-method partnership, has a balance sheet that includes the following assets on December 31 of the current year: Basis FMV $ 180,000 $ 180,000 Cash Accounts receivable 0 Land Total 60,000 120,000 90,000 $ 270,000 $360,000 Susan, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Susan's gain or loss from the sale?

The SSC, a cash-method partnership, has a balance sheet that includes the following assets on December 31 of the current year: Basis FMV $ 180,000 $ 180,000 Cash Accounts receivable 0 Land Total 60,000 120,000 90,000 $ 270,000 $360,000 Susan, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Susan's gain or loss from the sale?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 4BCRQ

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