Felicia is a 20% partner in XYZ Partners. The other interests in the partnership are owned...

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Felicia is a 20% partner in XYZ Partners. The other interests in the partnership are owned by Felicia's parents and sibling. At the end of the year, the partnership had the following balance sheets (basis and FMV): Buildings Land Basis $200,000 FMV $350,000 400,000 900,000 $600,000 $1,250,000 Liabilities $200,000 $200,000 Capital, Felicia $100,000 $262,500 Capital, Parents 200,000 525,000 Capital, Sibling 100,000 262.500 $600,000 $1,250,000 At that time, Felicia decided to give her entire interest in the partnership to her alma mater, Georgia Southern University. Assume that none of the partnership's assets constitute ordinary income property or "hot assets." What is Felicia's charitable contribution deduction? What is the amount of the taxable gain that Felicia will recognize on the contribution (if none write O)? A/ Felicia is a 20% partner in XYZ Partners. The other interests in the partnership are owned by Felicia's parents and sibling. At the end of the year, the partnership had the following balance sheets (basis and FMV): Buildings Land Basis $200,000 FMV $350,000 400,000 900,000 $600,000 $1,250,000 Liabilities $200,000 $200,000 Capital, Felicia $100,000 $262,500 Capital, Parents 200,000 525,000 Capital, Sibling 100,000 262.500 $600,000 $1,250,000 At that time, Felicia decided to give her entire interest in the partnership to her alma mater, Georgia Southern University. Assume that none of the partnership's assets constitute ordinary income property or "hot assets." What is Felicia's charitable contribution deduction? What is the amount of the taxable gain that Felicia will recognize on the contribution (if none write O)? A/