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At the beginning of year 1, Paulina purchased a 25% general partner interest in Gamma Partnership for $25,000. Paulina's partnership Schedule K-1 for year 1 reported that her share of Gamma's debt at year-end was $10,000 and her share of ordinary loss was $5,000. On January 1, year 2, Paulina sold her interest to another partner for $22,000 cash. Compute Paulina's gain or loss on the sale of her partnership interest.
Aggressiveness
A behavior characterized by hostility or attack, often with the intention to dominate or defeat another.
Emerge as a Leader
The process through which an individual rises to a leadership position by demonstrating skills, initiative, and the ability to influence others.
Genuinely Cares
To have a sincere interest and concern for the well-being and happiness of others.
Competent
Having the necessary ability, knowledge, or skill to do something successfully or to a desired standard.
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