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:
Regression Analysis
A statistical technique for estimating the relationships among variables, often used to predict the value of a dependent variable based on the value of one or more independent variables.
Error Variable
An error variable represents the difference between observed and predicted values in a model, reflecting the amount of inaccuracy in predictions.
Standard Deviation
The square root of the variance, indicating how data points in a set differ from the mean value.
Linear Regression
A statistical method that models the relationship between a dependent variable and one or more independent variables using a linear equation.
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