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QUESTION 2 The Balance Sheet of the equal Delana Partnership on August 31, 2020 is as follows: Cash (Adjusted Basis - $240,000: Fair Market Value

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QUESTION 2 The Balance Sheet of the equal Delana Partnership on August 31, 2020 is as follows: Cash (Adjusted Basis - $240,000: Fair Market Value - $240,000): Unrealized Receivables (Adjusted Basis-5-0- Fair Market Value - $180.000) Capital Assets (Adjusted Basis - $330.000. Fair Market Value $450.000) (Total Assets. (Adjusted Basis - $570,000 Fair Market Value - 5870,000), Notes Payable (Adjusted Basis - 5150,000 Fair Market Value - $ 150.000), Capital Accounts Rochelle Capital (Adjusted Basis - $140,000, Fair Market Value - 5240,000) Kendra Capital (Adjusted Basis - 5140.000 Fair Market Value - $240,000). Toya Capital (Adjusted Basis. $140,000, Fair Market Value $240.000) (Total Liabilities And Equity (Capital) - (Adjusted Basis $570,000. Fair Market Value - $870.000) Rochelle sells her interest in the Partnership to someone outside of the Partnership for Cash of $240.000 and the assumption of her share of the Partnership Liabilities. The Gain or Loss realized (and recognized) by Rochelle for the sale of her Partnership Interest Is $480,000 $100,000 5190.000 $290,000

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