Burlington Enterprises LLC is treated as a partnership for purposes of the federal income tax. It has the Following assets and Liabilities:

Basis FMV

Cash $39,000 $39,000

Land 50,000 200,000

Other Capital Assets 100,000 190,000

Totals 189,000 429,000

Recourse Liabilites 84,000 84,000

Capital, B 35,000 115,000

Capital, L 35,000 115,000

Capital, T 35,000 115,000

Totals $189,000 $429,000

The three partners share equally in profits, losses and capital. T is considering the sale of her one-third interest in the partnership for $115,000 cash. The buyer is unrelated to either T or the partnership.

What will be the amount realized (i.e., selling price) by T on the sale to the unrelated buyer?

What is T's basis in the partnership interest at the date of sale?

How much gain or loss will T recognize on the sale?

What will be the buyer's tax basis in the newly acquired interest in Burlington Enterprises?