The adjusted basis of Danielle's interest in LaSalle Partnership at the end of the current year, after

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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 $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)

Posted Date: May 19, 2024 01:04 AM

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The adjusted basis of Danielle's interest in LaSalle Partnership at the end of the current year, after

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