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How much is Jana adjusted basis for her LLC interest

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Question - Sweeney originally contributed $254,000 in cash for a one-fourth interest in the Gilbert LLC. During the several years that Sweeney was a member of the LLC, his share of the LLC's income was $152,400 and he withdrew $101,600 cash. The LLC's liabilities are $127,000, of which Sweeney's share is $31,750. The LLC has $63,500 of hot assets, of which Sweeney's share is $15,875. Sweeney sells his LLC interest to Jana for $335,280 cash, with Jana also assuming Sweeney's share of the LLC's liabilities.

Sweeney's total gain on the sale is $fill in the blank 1, of which $fill in the blank 2 recognized as ordinary income, with the remaining $fill in the blank 3 recognized as a long-term capital gain.

How much is Sweeney's gain on the sale, and what is its character?

How much is Jana's adjusted basis for her LLC interest?

Reference no: EM133064616

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