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What is joy gain or loss on the sale of her interest

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Question - Joy is a 30 percent partner in the JOM Partnership when she sells her entire interest to Hope for $92,000 cash. At the time of the sale, Joy's basis in JOM is $59,000 (which includes her $11,000 share of JOM liabilities). JOM does not have any hot assets. What is Joy's gain or loss on the sale of her interest?

Reference no: EM133087363

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