Zayde is a 1/3 partner in the ARZ partnership with an outside basis of $156,000 on January 1. Zayde sells his partnership interest to Thomas on January 1st for $180,000 cash. The ARZ Partnership has the following assets and no liabilities as of January 1:
The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation. The stock was purchased 3 years ago. What is the amount and character of Zayde's gain or loss on the sale of his partnership interest?
Definitions:
Sleep Deprivation
The condition of not having enough sleep, which can impair cognitive function, mood, and physical health.
Serotonin
A chemical messenger vital for regulating mood, digestion, sleep, and various bodily activities.
Suprachiasmatic Nucleus
A tiny region in the brain's hypothalamus responsible for controlling circadian rhythms, functioning as the body's internal clock.
Sleep Cycles
The progression through various stages of sleep, including REM and non-REM phases, which repeat approximately every 90 minutes.
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