On June 30 of the current tax year, Sal sells her 40% interest in the STU Partnership to new partner James for $300,000, including Sal's share of partnership liabilities. At the beginning of the tax year, Sal's basis in her partnership interest was $80,000 (excluding her share of partnership debt). The partnership reported income of $240,000 for the year, and Sal's share of partnership debt was $100,000 at
On June 30 of the current tax year, Sal sells her 40% interest in the STU
What is Sal's basis at the sale date____________________________
What is the gain realized by Sal______________________________
What is the gain recognized by Sal___________________________
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