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What is the amount of gain conrad will recognize

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Question - Carmello is a one-third partner in the CDW Partnership with equal inside and outside bases. On December 31, Carmello sells his interest to Conrad for $100,000 cash. CDW makes a §754 election and its balance sheet as of December 31 is as follows:

 

Basis

FMV

Cash

$60,000

$60,000

Capital asset (non-depreciable)

120,000

240,000

Total

$180,000

$300,000

Carmello, capital $60,000

Doug, capital 60,000

Wendy, capital 60,000

Total $180,000

Required - What is the amount and sign (positive or negative) of Conrad's special basis adjustment? If CDW sells the capital asset next year for $300,000, what is the amount of gain Conrad will recognize because of the sale?

Reference no: EM133041740

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