Problem $10-18$

Transactions Between Partners and the Partnership $($LO $10\mathrm{.}6)$

Rhianna owns a two$-$thirds interest in the ANTI Partnership and a $75-$percent interest in the LOUD Partnership. In the current year, ANTI sells property to LOUD at a loss of $$10,000.$ Later in the same year, LOUD sells the same property to an unrelated party for a $$2,000$ gain.

What is the amount of gain or loss recognized by ANTI and LOUD on the sale of this property?

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