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Compute ms pope recognized gain on sale

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Question - At the beginning of 2020, Ms. Pope purchased a 15 percent interest in PPY Partnership for $23,000. Ms. Pope's Schedule K-1 reported that her share of PPY's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, 2021, Ms. Pope sold her interest to another partner for $2,500 cash.

Required -

-How much of her share of PPY's loss can Ms. Pope deduct on her 2020 return?

-Compute Ms. Pope's recognized gain on sale of her PPY interest.

-How would your answers to parts a and b change if PPY were an S corporation instead of a partnership?

Reference no: EM133021008

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