Question: Exercise 11-19 (Algorithmic) (LO. 7) Sweeney originally contributed $318,000 in cash for a one-fourth interest in the Gilbert LILC. During the time Sweeney was a

Exercise 11-19 (Algorithmic) (LO. 7) Sweeney originally contributed $318,000 in cash for a one-fourth interest in the Gilbert LILC. During the time Sweeney was a member of the LLC, his share of the LLC's income was $190,800 and he withdrew $127,200 cash. The LLC's liabilities are $159,000, of which Sweeney's share is $39,750. Sweeney sells his LLC interest to Jana for $419,760 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? Sweeney's gain on the sale is and Jana's adjusted basis for her LLC interest is

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