How much is adjusted basis for her interest

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Reference no: EM131261117

Sweeney originally contributed $222,000 in cash for a one-fourth interest in the Gilbert LLC. During the time Sweeney was a member of the LLC, his share of the LLC’s income was $133,200 and he withdrew $88,800 cash. The LLC’s liabilities are $111,000, of which Sweeney’s share is $27,750. Sweeney sells his LLC interest to Jana for $293,040 cash, with Jana assuming Sweeney’s share of the LLC’s liabilities. How much is Sweeney’s gain on the sale, and how much is Jana’s adjusted basis for her LLC interest?

Reference no: EM131261117

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