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Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity....

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Accounting

Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Stevens basis in his partnership interest is $31,500. During January and February, the partnership generates $35,940 of ordinary income and $5,904 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $54,900. The partnership has the following assets and no liabilities at the sale date:

Tax Basis FMV
Cash $ 39,000 $ 39,000
Land held for investment 39,000 78,000
Totals $ 78,000 $ 117,000

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