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The adjusted basis of Danielle's interest in LaSalle Partnership at the end of the current year, after allocation of her share of partnership income, was
The adjusted basis of Danielle's interest in LaSalle Partnership at the end of the current year, after allocation of her share of partnership income, was $35,000. This included her $19,000 share of partnership liabilities. The partnership had no unrealized receivables or appreciated inventory items. On December 31 of the current year, Danielle sold her interest in LaSalle Partnership for $16,000. What is the amount of Danielle's capital gain (loss)? A. $0 B. $1,000 C. $16,000 D. $(19,000)
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