Jason is a 25% partner in the JJM Partnership when he sells his entire interest to Lavelle for $76,000. At the time of the sale, Jason's basis in JJM is $87,000. JJM does not have any debt or hot assets. Jason's will recognize a gain of $11,000 on the sale of his partnership interest.
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Q1: Operating distributions completely terminate a partner's interest
Q4: The purpose of hot asset rules is
Q5: The partnership making an operating distribution will
Q6: Hot assets include assets except cash, capital
Q6: Under the entity concept, a partnership interest
Q11: A partner that receives cash in an
Q12: If the partnership has hot assets at
Q12: When determining a partner's gain on sale
Q13: In an operating distribution, when a partnership
Q15: In the sale of a partnership interest,
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