Amina is a 30 percent partner in the AOM Partnership when she sells her entire interest to Hope for $79,000 cash. At the time of the sale, Amina's basis in AOM is $49,250 (which includes her $7,750 share of AOM liabilities). AOM does not have any hot assets. What is Amina's gain or loss on the sale of her interest?
Amina is a 30 percent partner in the AOM Partnership when she sells her entire interest to Hope for $79,000 cash. At the time of the sale, Amina's basis in AOM is $49,250 (which includes her $7,750 share of AOM liabilities). AOM does not have any hot assets. What is Amina's gain or loss on the sale of her interest?
Chapter10: Partnership Taxation
Section: Chapter Questions
Problem 17MCQ: Kendra is an attorney and owns 60 percent of a law partnership. Kendra sells land to the partnership...
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Transcribed Image Text:Amina is a 30 percent partner in the AOM Partnership when she sells her entire interest to Hope for $79,000 cash.
At the time of the sale, Amina's basis in AOM is $49,250 (which includes her $7,750 share of AOM liabilities). AOM
does not have any hot assets. What is Amina's gain or loss on the sale of her interest?
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