Sweeney originally contributed $175,000 in cash for a one-fourth interest in the Gilbert LLC. During the time
Question:
Sweeney originally contributed $175,000 in cash for a one-fourth interest in the Gilbert LLC. During the time Sweeney was a member of the LLC, his share of the LLC’s income was $90,000 and he withdrew $75,000 cash. The LLC’s liabilities are $80,000, of which Sweeney’s share is $20,000.
Sweeney sells his LLC interest to Jana for $225,000 cash, with Jana assuming Sweeney’s share of the LLC’s liabilities.
How much is Sweeney’s gain on the sale, and how much is Jana’s adjusted basis for her LLC interest?
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Sweeneys gain on the sale is 35000 and Janas adjusted b...View the full answer
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Related Book For 
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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