Elizabeth is a partner in the Long Partnership. Elizabeth's adjusted basis in her partnership interest at the beginning of the year is $5,000. Elizabeth's share of the partnership liabilities on that date is $20,000, and her share of the potential ordinary income recapture from the sale of partnership depreciable property is $7,000. Elizabeth sold her partnership interest at the beginning of the year for 543,000 cash. Assuming there are no other partnership items, what is the amount of capital gain Elizabeth should report on the sale of her partnership interest? A. $37,000 O B. $50,000 O C. $30,000 OD. $57,000 On September 1, last year, Mitch retired from the Morrall Partnership, a calendar-year partnership. Mitch continued to receive retirement payments until October 1, this year, when his entire partnership interest was liquidated. For tax purposes, when did Mitch cease to be regarded as a partner? O A. December 31, last year. B. December 31, this year. C. October 1, this year. D. September 1, last year. Dianne owns 10% interest in DJJ Partnership and 20% of the outstanding stock of PAD Corporation. Her son, Nick, owns 60% of the outstanding shares of PAD Corporation. The PAD Corporation owns 50% interest in the DJJ Partnership. Dianne's sister, Dolores, owns 40% interest in the DJJ Partnership. Using the constructive ownership rules for partnerships, Dianne is considered to own how much of DJJ Partnership? O A. 90% OB. 50% O C. 80% O D. 20%