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What is the amount and character of Teresa gain

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Question - Teresa is a partner with a 20 percent capital and profits interest in a limited partnership. On January 1, she sells her entire interest for $22,500 cash. Teresa's basis in the partnership interest at the time of the sale was $30,000, including her $15,000 share of nonrecourse debt. If the partnership does not have any hot assets, what is the amount and character of Teresa's gain (loss) on the sale of her interest?

Reference no: EM133047984

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