Exercise 21-27 (Algorithmic) (LO. 15) Sweeney originally contributed $218,000 in cash for a one-fourth interest in the Gilbert LLC. During the several years that Sweeney was a member of the LLC, his share of the LLC's income was $130,800 and he withdrew $87,200 cash. The LLC's liabilities are $109,000, of which Sweeney's share is $27,250. The LLC has $54,500 of hot assets, of which Sweeney's share is $13,625. Sweeney sells his LLC interest to Jana for $287,760 cash, with Jana also assuming Sweeney's share of the LLC's liabilities. How much is Sweeney's gain on the sale, and what is its character? 97,010 x recognized as ordinary income, with the remaining Sweeney's total gain on the sale is $ 241,435 x , of which $ $ 144,425 x recognized as a long-term capital gain. How much is Jana's adjusted basis for her LLC interest? $ 315,010 Exercise 21-27 (Algorithmic) (LO. 15) Sweeney originally contributed $218,000 in cash for a one-fourth interest in the Gilbert LLC. During the several years that Sweeney was a member of the LLC, his share of the LLC's income was $130,800 and he withdrew $87,200 cash. The LLC's liabilities are $109,000, of which Sweeney's share is $27,250. The LLC has $54,500 of hot assets, of which Sweeney's share is $13,625. Sweeney sells his LLC interest to Jana for $287,760 cash, with Jana also assuming Sweeney's share of the LLC's liabilities. How much is Sweeney's gain on the sale, and what is its character? 97,010 x recognized as ordinary income, with the remaining Sweeney's total gain on the sale is $ 241,435 x , of which $ $ 144,425 x recognized as a long-term capital gain. How much is Jana's adjusted basis for her LLC interest? $ 315,010