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During 2009, W sold the interest she had held for five years in the WX Partnership for $15,000 cash. The buyer also assumed W's $2.000
During 2009, W sold the interest she had held for five years in the WX Partnership for $15,000 cash. The buyer also assumed W's $2.000 share of the partnership liabilities. W's tax basis in the partnership was $11,000. There were no unrealized receivables or appreciated inventories involved in this transaction. What is W's gain on the sale of her partnership interest in WX?
a. $2,000 ordinary gain
b. $2,000 long-term capital gain
c. $4,000 long-term capital gain
d. $6.000 long-tern capital gain
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