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?

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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