David sells his one- third partnership interest to Diana for $60,000 when his basis in the partnership interest is
$48,000. On the date of sale, the partnership has no liabilities and the following assets: The building is depreciated on a straight- line basis. What tax issues should David and Diana consider with resp to the sale transaction?

Question

David sells his one- third partnership interest to Diana for $60,000 when his basis in the partnership interest is
$48,000. On the date of sale, the partnership has no liabilities and the following assets:  The building is depreciated on a straight- line basis. What tax issues should David and Diana consider with resp to the sale transaction?

Quizplus · Accepted Answer

The Answer of David sells his one- third partnership interest to Diana for $60,000 when his basis in the partnership interest is
$48,000. On the date of sale, the partnership has no liabilities and the following assets:  The building is depreciated on a straight- line basis. What tax issues should David and Diana consider with resp to the sale transaction?

David Sells His One- Third Partnership Interest to Diana for $60,000