Question: On June 30, 2010, James Roe sold his interest in the calendar-year partnership of Roe & Doe for $30,000. Roes adjusted basis in Roe &

On June 30, 2010, James Roe sold his interest in the calendar-year partnership of Roe & Doe for $30,000. Roe’s adjusted basis in Roe & Doe at June 30, 2010, was $7,500 before apportionment of any 2010 partnership income.

Roe’s distributive share of partnership income up to June 30, 2010, was $22,500. Roe acquired his interest in the partnership in 2005. How much long-term capital gain should Roe report in 2010 on the sale of his partnership interest?

a. $0

b. $15,000

c. $22,500

d. $30,000

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