Problem
Cindy sold her interest in a partnership for $30,000 cash when her outside basis was $12,000. She was relieved of her $20,000 share of partnership liabilities. What is Cindy's recognized gain or loss from the sale of her partnership interest?
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.