Zayde is a one-third partner in the ARZ Partnership,with an outside basis of $156,000 on January 1.Zayde sells his partnership interest to Thomas on January 1 for $180,000 cash.The ARZ Partnership has the following assets and no liabilities as of January 1:
The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation.The stock was purchased three years ago.What is the amount and character of Zayde's gain or loss on the sale of his partnership interest?
Definitions:
Epilepsy
A neurological disorder characterized by recurring seizures, which are sudden bursts of electrical activity in the brain causing temporary dysfunction.
Seizures
Sudden, uncontrolled electrical disturbances in the brain that can cause changes in behavior, movements, feelings, and levels of consciousness.
Occipital Lobes
The region of the brain located at the back, primarily involved in processing visual information.
Prefrontal Cortex
The frontal part of the brain lobes, associated with complex behaviors including decision making, planning, and moderating social behavior.
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