The December 31,2012,balance Sheet of DBW,LLP,a Service-Providing Partnership Is as Follows

question 12

Essay

The December 31,2012,balance sheet of DBW,LLP,a service-providing partnership is as follows:
The partners share equally in partnership capital,income,gain,loss,deduction,and credit.Capital is not a material income-producing factor to the partnership.On December 31,2012,partner Dana (who is an active managing partner in the partnership)receives a distribution of $120,000 cash in liquidation of her partnership interest under § 736.Dana's outside basis for the partnership interest immediately before the distribution is $90,000.How much is Dana's gain or loss on the distribution and what is its character?

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Definitions:

Glossopharyngeal Nerve

The ninth cranial nerve, responsible for sensory and motor functions in the throat and back of the tongue.

Sympathetic Nerve

The sympathetic nervous system is part of the autonomic nervous system that prepares the body for 'fight or flight' responses during perceived threats.

Carotid Baroreceptors

Sensors located in the carotid arteries that monitor blood pressure and relay information to the central nervous system to maintain stable blood pressure.

Glossopharyngeal Nerve

The glossopharyngeal nerve is the ninth cranial nerve, which has both sensory and motor functions, including taste sensation and stimulating muscle movement in swallowing.