Geoff sold his interest in a partnership for

$67,000

cash when his outside basis was

$50,000

. This bas is includes his

$35,000

share of liabilities. He was also relieved of his

$35,000

share of partnership liabilities. What is Geoff's gain from the sale of the partnership interest?\

$17,000

\

$32,000

\

$52,000

\

$67,000

Geoff sold his interest in a partnership for $67,000 cash when his outside basis was $50,000.This basis includes his $35,000 share of liabilities. He was also relieved of his $35,000 share of partnership liabilities. What is Geoff's gain from the sale of the partnership interest? $17,000 $32,000 $52,000 $67,000