Andrew has a $60,000 basis in his one-third interest in the JAS Partnership when he sells it to Miguel for $80,000 in cash. Andrew's basis includes his share of liabilities and his share of income up to the sale date. On the sale date, the general partnership reports $30,000 of liabilities and the following assets:

Partnership's

Assets	Basis		FMV
Cash	$ 51,000		$ 51,000
Receivables	-0-		36,000
Land	129,000		183,000
Total:	$180,000		$270,000

Required:

1. Determine the amount and the nature of Andrew's gain or loss on the sale of his partnership interest.
2. What deduction, if any, does the partnership get as a result of the sale?
3. What is Miguels basis in the partnership interest acquired?
4. If the partnership has an optional adjustment-to-basis election in effect, what adjustment(s) would be made after the sale of Andrews interest to Miguel? When the receivables are collected, what would be the amount and the nature of the of any income allocated to Miguel and Partners J and S (assume that J and S also have a one-third interest)?