Identify the tax issue or issues suggested by the following
Identify the tax issue or issues suggested by the following situations and state each issue in the form of a question:
Lola owns a 15 percent limited interest in AF Partnership, which uses a calendar year for tax purposes. On April 12, Lola sold her entire interest to the R Corporation; consequently, she was a partner for only 102 days during the year. AF generated $845,000 ordinary business income this year and recognized a $70,000 capital gain on the November 13 sale of marketable securities.
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