What is the amount of Dan capital gain

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Question - The adjusted basis of Dan's interest in D & P Enterprise at the end of 2020, after allocation of his share of partnership income, was $35,000. This included his $19,000 share of partnership liabilities. The partnership had no unrealized receivables or substantially appreciated inventory items. On December 31, 2020, Dan sold his interest in D & P Enterprise to Joanne for $16,000. It was agreed that she would assume Dan's share of partnership liabilities. What is the amount of Dan's capital gain (loss)?

Reference no: EM133032263

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