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What amount of loss can lilly recognize as a result of sale

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Problem 1: Lilly owns a 30% interest in TW Partnership. Lucinda, Lilly's mother, owns a 10% interest, and Caleb, Lilly's cousin, owns a 15% interest in the partnership. During the current year, Lilly sold a parcel of land with a $60,000 adjusted basis to the pa nership for $45,000. What amount of loss can Lilly recognize as a result of the sale?

A. $15,000

B. $6,000

C. $4,500

D. $0

Reference no: EM132688844

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