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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Building Castle
The act or play activity of constructing a fortification, often associated with children's imaginative play.
Blocks
Toy construction pieces used for building or creating structures, crucial for children's spatial, cognitive, and motor skills development.
Formal Games
Structured play activities, often with established rules and objectives, typically found in contexts like board games, sports, or digital games.
Functional Play
Play activities that involve repetitive movements or actions, focusing on the use of objects or materials.
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