On January 1, Kent sold his 50% limited partner interest in a limited partnership for...
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Accounting
On January 1, Kent sold his 50% limited partner interest in a limited partnership for $30,000 cash. On that date, the adjusted basis of Kents partnership interest was $40,000. On January 1, the partnership had recourse debt of $40,000. What is Kents gain or loss on the sale of his partnership interest?
Group of answer choices
a)Ordinary loss of $30,000.
b)Ordinary gain of $15,000.
c)Capital loss of $10,000.
d)Capital loss of $30,000.
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