49. ABCD partnership, a calendar-year partnership, has four owners: A owns a 20 percent interest; B a 25 percent interest; C a 40 percent interest; and D the remaining 15 percent interest. Some of the partners have been having difficulty working with each other, so, with partnership agreement, D sells his 15 percent interest to F on October 20, year 1; B sells her interest to G on January 15, year 2; and C sells his interest to H on December 1, year 1.
50. Shana is a 20 percent limited partner in the STU partnership. Her basis in her partnership interest is $40,000 when she decides to abandon her partnership interest. The partnership’s balance sheet is as follows:
Net Assets $203,000 Liabilities $200,000 Shana-Capital 1,000 Tom-Capital 1,000 Urban-Capital 1,000