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Rod owns a 65% interest in the RRR Partnership, a general partnership, which he sells to the two remaining partners - Roger and Regis. The three partners have agreed that Rod will receive $160,000 in cash from the sale. Rod's basis in the partnership interest before the sale is $125,000, which includes his $35,000 share of partnership recourse liabilities. The partnership has assets with a $310,000 FMV and a $210,000 adjusted basis. What issues should Rod, Roger, and Regis consider before this sale takes place?
Hematuria
The presence of blood in the urine, which can be a sign of various conditions affecting the urinary tract or kidneys.
Urge to Void
The feeling of needing to urinate.
In-dwelling Catheter
A catheter that remains inserted in the urinary bladder for continuous urine drainage over a period of time.
Drainage Bag
A medical device used to collect fluids that drain from a patient's body, commonly used after surgery.
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