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What gain or loss should orange report

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Reference no: EM132843505

Problem 1: Kerry Orange owned a 20% interest for 20 years in the T & T Partnership, which owns no unrealized receivables or inventory items. In the current year, he sold his interest for $30,000 and was relieved of his share of partnership liabilities of $2,200. At the date of sale, Orange's total basis in his partnership interest was $24,000. What gain or loss should Orange report?

Option 1: $8,200 capital gain.

Option 2: $8,200 ordinary income.

Option 3: $3,800 ordinary income.

Option 4: $6,000 capital gain.

Reference no: EM132843505

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