Fuller and Puller have the following balance sheet prior to selling their assets that are encumbered by nonrecourse debt.

Book Tax

Assets 300000 300000

Nonrecourse Liability 340000

Capital Accounts Book Tax

Fuller -24000 -24000

Puller -16000 -16000.

The buyer agrees to pay the partnership $400,000 for the assets in the form of $60,000 cash and the assumption of the $340,000 nonrecourse liability.

Although the partnership has split profits and losses in different proportions in the past, the partnership agreement is amended to state that the partners will share gains from the sale of the assets equally to the extent that the tax laws allow.

7) What is the partnerships total gain on the sale of these assets? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!

8) Refer to the facts for Questions 7 through 9 and your answer for Question #7. How much of this gain will be allocated to Fuller? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!

9) Refer to the facts for Questions 7 through 9 and your answer for Question #7. How much of this gain will be allocated to Puller? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!