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Carly, Fred, and Lance are one-third parties in the CFL Partnership. The partners originally formed the partnership with cash contributions, sono partner ras precontribution gains or losses. Prior to Carty's sale of her partnership Interest, the partnership has the following balance sheet om Click the icon to view the balance sheet) Curly has a $118.000 basis in her partnership interest including her share of partnership labies, and she sel her partnership Interest to Sally for 5127400 cash Read the remet Requiremena. What are the amount and character of Carly's recognized gain or loss on the sale? Amour Character Requirement. What is Saly's basis in het partnership interest? Dalys to share in Carly, Fred, and Lance are one-third parties in the CFL Partnership. The partners originally formed the partnership with cash contributions, sono partner ras precontribution gains or losses. Prior to Carty's sale of her partnership Interest, the partnership has the following balance sheet om Click the icon to view the balance sheet) Curly has a $118.000 basis in her partnership interest including her share of partnership labies, and she sel her partnership Interest to Sally for 5127400 cash Read the remet Requiremena. What are the amount and character of Carly's recognized gain or loss on the sale? Amour Character Requirement. What is Saly's basis in het partnership interest? Dalys to share in Carly Fred, and Lance we one-third partner in the CFL Partnership. The partner originally formed the partnership wth cash contribution, so no partner has procontrbution gains or losses. Prior to any's sale of her partnership Interest, the partnership has the following balance sheet (Click the icon to view the balance sheet) Cany has a 5116,000 basis in her partnership interont including her share of partnership oblites, and she see her partnership wreat to Saiy box 5127400 cath. Read the rest Requirement a What are the amount and character of Carly's recognized on us on the sale? Amount Character Requirements. What is Baltavan het partnership Interest? Balys bus parinho interitis Three years ago, Nick joined the NR Partnership by contributing land with a $14,000 basis and a $19.000 FMV. On January 15 of the current year, Nick has a basis in his partnership interest of $10.000, and none of his precontribution gain has been recognized. On January 15, Nick receives a current distribution of a property other than the contributed land with a $13.000 basis and a $22,000 FMV. Read the requirements CE Requirement a. Does Nick recognize any gain or loss on the distribution? Nick on the distribution Requirement b. What is Nick's basis in this partnership Interest after the distribution? Nick's basis in partnership Interest before the distribution Minus: Basis in partnership Interest after the distribution Requirement c. What is the partnership's basis in the land Nick contributed after Nick receives this distribution? NR Partnership's basis in the land Nick contributed after the distribution is