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 liabilities	$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. Each partner also has a 1/3 share of liabilities. 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 Ts 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 buyers tax basis in the newly acquired interest in Burlington Enterprises?