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 respect 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 respect 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 respect to the sale transaction?

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