Sweeney originally contributed $$258,000$ in cash for a one$-$fourth interest in the Gilbert LLC$.$ During the several years that Sweeney was

member of the LLC$,$ his share of the LLC$\text{'}$s income was $$154,800$ and he withdrew $$103,200$ cash. The LLC$\text{'}$s liabilities are $$129,000,0$

which Sweeney's share is $$32,250.$ The LLC has $$64,500$ of hot assets, of which Sweeney's share is $$16,125.$ Sweeney sells his LLC interest

to Jana for $$340,560$ cash, with Jana also assuming Sweeney's share of the LLC$\text{'}$s liabilities.

How much is Sweeney's gain on the sale, and what is its character?

Ch $22$ HW assignment take frame

Sweeney's total gain on the sale is $$,,$ of which $$,$ recognized as ordinary income, with the remaining

$ recognized as a long$-$term capital gain.

How much is Jana's adjusted basis for her LLC interest?