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Zayde Is a One-Third Partner in the ARZ Partnership,with an Outside

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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:
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? 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:

Lack Of Attention

A deficiency in the ability to focus or concentrate on a task or the present moment, often leading to difficulties in learning or completing tasks.

Hyperactivity

Excessive restlessness and overactivity; one of the primary characteristics of attention-deficit/hyperactivity disorder (ADHD). Not to be confused with misbehavior or with high activity levels that are normal during childhood.

Impulsivity

A tendency to act on a whim, displaying behavior characterized by little or no forethought, reflection, or consideration of the consequences.

Physical Injuries

Harm or damage to the body resulting from external force, accidents, or violence.

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