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Sal and Nan owned 90% and 10% of the SN Partnership, respectively. SN operated a foundry. Sal sold stock In ExoxonMobil with a basis of

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Sal and Nan owned 90% and 10% of the SN Partnership, respectively. SN operated a foundry. Sal sold stock In ExoxonMobil with a basis of $4,000 to the partnerehip for $8,000. The amount and character of gain recognized to Sal te: $0. $2,000 ordinary. $2,000 capital gain. $8,000 ordinary. a

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