Question: 4 9 2 points Jason is a 2 5 % partner in the JJM Partnership when he sells his entire interest to Lavelle for $

49
2 points
Jason is a 25% partner in the JJM Partnership when he sells his entire interest to Lavelle for $76,000. At the time of the sale, Jason's basis in JJM is $87,000. JJM does not have any debt or hot assets. Jason's will recognize a gain of $11,000 on the sale of his partnership interest.
True
False
2 points
Ted is a 30% partner in the TDW Partnership with an outside basis of $20,000. TDW distributes $15,000 of cash in complete liquidation of Ted's interest. Ted recognizes a capital loss of $5,000 on the distribution.
True
False
49 2 points Jason is a 25% partner in the JJM

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