Solved: Partner l has been a one-third partner in the luv, Accounting Basics

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Partner l has been a one-third partner in the luv

Question - Partner L has been a one-third partner in the LUV partnership for four years and has a basis in his partnership interest of $120,000, including his share of partnership debt (his share is $30,000). B buys L's partnership interest for $150,000 cash. What is L's gain from this sale?

a. $ 0.

b. $ 30,000.

c. $ 60,000.

d. $150,000.

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Accounting Basics: Partner l has been a one-third partner in the luv

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Accounting Basics: Partner l has been a one-third partner in the luv

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