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Partner L has been a one-third partner in the LUV partnership for four years and has a basis in his partnership interest of $120,000, including
Partner L has been a one-third partner in the LUV partnership for four years and has a basis in his partnership interest of $120,000, including his share of partnership debt (his share is $30,000). B buys L's partnership interest for $150,000 cash. What is L's gain from this sale?
a. $ 0.
b. $ 30,000.
c. $ 60,000.
d. $150,000.
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