The HMS Partnership, a Cash Method of Accounting Entity, Has

question 78

Essay

The HMS Partnership, a cash method of accounting entity, has the following balance sheet at December 31 of last year: Sam, who has a one-third interest in profits, losses, and liabilities, sells his partnership interest to Beverly, for $77,000 cash on January 1 of this year. Sam's basis in his partnership interest (which, of course, includes a share of partnership liabilities)at the time of the sale was $17,000. In addition, Beverly assumes Sam's share of the partnership liabilities. What is the amount and character of the gain that Sam will recognize from this sale?

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