Question: A,B,C AND D ARE EQUAL PARTNERS IN ABCD PARTNERSHIP. THE PARTNERSHIP'S CURRENT BALANCE SHEET IS AS FOLLOWS: ASSETS CASH ACCOUNTS RECEIVABLE INVENTORY STOCK HELD

A,B,C AND D ARE EQUAL PARTNERS IN ABCD PARTNERSHIP. THE PARTNERSHIP'S CURRENT

A,B,C AND D ARE EQUAL PARTNERS IN ABCD PARTNERSHIP. THE PARTNERSHIP'S CURRENT BALANCE SHEET IS AS FOLLOWS: ASSETS CASH ACCOUNTS RECEIVABLE INVENTORY STOCK HELD AS AN INVESTMENT LAND HELD AS AN INVESTMENT TOTAL ASSETS LIABILITIES AND CAPITAL RECOURSE DEBT CAPITAL A CAPITAL B CAPITAL C CAPITAL D TOTAL LIABILITIES AND CAPITAL BOOK VALUE 2000 0 2000 16000 2000 22000 18000 1000 1000 1000 1000 22000 FMV CHARACTER OF RECOGNIZED GAIN / LOSS (IF ANY)? 2000 2500 2500 16000 2000 28000 18000 2500 2500 2500 2500 28000 ASSUME PARTNER A AGREES TO SELL HIS INTEREST IN THE PARTNERSHIP TO NEW PARTNER E FOR $ 2,500.00 CASH, PLUS ASSUMPTION OF HIS $ 4500 SHARE OF PARTNERSHIP DEBT. TOTAL GAIN / LOSS RECOGNIZED BY A (IF ANY)?

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