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A correct answer to the following bonus question will result in a total of 4 points added to your final grade on this examination. You
A correct answer to the following bonus question will result in a total of 4 points added to your final grade on this examination. You are not required to answer this question and there will be no affect on your final grade on this examination for an incorrect answer: Partner A's basis in the ABC Partnership as of 1/1/2020 was $20,000. Partner A's Schedule K-1 from the partnership reported an allocable share of the 2020 partnership profits to A of $15,000 and an allocable share of charitable contributions to A of $2,000. In addition, A received a current distribution during 2020 of $5,000. Shortly after year end, A sold her partnership interest for $70,000. What was the amount of A's capital gain on the sale of her partnership interest? A correct answer to the following bonus question will result in a total of 4 points added to your final grade on this examination. You are not required to answer this question and there will be no affect on your final grade on this examination for an incorrect answer: Partner A's basis in the ABC Partnership as of 1/1/2020 was $20,000. Partner A's Schedule K-1 from the partnership reported an allocable share of the 2020 partnership profits to A of $15,000 and an allocable share of charitable contributions to A of $2,000. In addition, A received a current distribution during 2020 of $5,000. Shortly after year end, A sold her partnership interest for $70,000. What was the amount of A's capital gain on the sale of her partnership interest
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