Joe wned B0% of the JRC Partnership and sold one-half of this interest (40%) lo Dale for $60,000 cash. Before the sale, Joe's basis in his erilire partnership interest was $150,000 including this $34,000 share of partnership liabililies and his share of income up to the sale date Partnership assets an the sale date were (Click the icon to view the assets.) Read the requirements Requirement a. What are the amount and character of Joe's recognized gain or loss on the sale? What is his rerraining basis in his partnership inlerest? Begin 0 Date Table A Requirements Minu Total Assets Pavlership's Basis FMV a. $ 60.000 b. Cash Inventory Land 60,000 $ 21,000 248.000 51.000 230.000 341.000 What are the amount and character of Joe's recognized gain or kes on the sale? What is his remaining hasis in his partnershin interest? What is Dale's basis in his partnership interest? c. How will the partnership's basis in ite assets be affected? d. How would your answers to Parts & and change it Joe sold his entire interest to Dale for $120,000 cash? $ Total 329,000 $ Print Done Print Done