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:
New Models
The latest versions or designs of products, often featuring improvements or updates from previous editions.
Marked Down
When the price of an item is reduced, typically to clear inventory or increase sales during a promotion.
Existing Models
Previously established or currently available versions of products, services, or concepts.
Seasonal Markdowns
Discounts offered on products or services to clear inventory corresponding to the end of a season.
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