P1 is a 40 percent partner in ABC Partnership when he sells his entire interest to Buyer for $80,000. At the time of the sale, P1's basis in his ABC interest is $56,000, which includes his $6,000 share of ABC's liabilities. ABC does not own any hot assets. Determine the amount of gain or loss P1 will realize at the sale. Type your answer...

P1 is a 40 percent partner in ABC Partnership when he sells his entire interest to Buyer for $80,000. At the time of the sale, P1's basis in his ABC interest is $56,000, which includes his $6,000 share of ABC's liabilities. ABC does not own any hot assets. Determine the amount of gain or loss P1 will realize at the sale. Type your answer...

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 25P

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