The SSC Partnership balance sheet includes the following assets on December 31 of the current...
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Accounting
The SSC Partnership balance sheet includes the following assets on December 31 of the current year:
| Basis | FMV | ||
| Cash | $180,000 | $180,000 | |
| Accounts receivable | -0- | 60,000 | |
| Land | 90,000 | 120,000 | |
| Total | $270,000 | $360,000 | |
|
| |||
Susan, a 1/3 partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Susan's gain or loss from the sale?
$10,000 capital gain.
$10,000 ordinary income.
$20,000 ordinary income; $10,000 capital gain.
$10,000 capital loss; $20,000 ordinary income.
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