Joy is a 30% partner in the JOM Partnership when she sells her entire interest to Hope for $72,000 cash. At the time of the sale, Joys basis in JOM is $44,000 (which includes her $7,000 share of JOM liabilities). JOM does not have any hot assets. What is Joys gain or loss on the sale of her interest?

At the end of last year, Lisa, a 30% partner in the five-person LAMEC partnership, has an outside basis of $60,000 including her $30,000 share of LAMEC debt. On January 1 of the current year, Lisa sells her partnership interest to MaryLynn for a cash payment of $45,000 and the assumption of her share of LAMECs debt. If LAMEC has $100,000 of unrealized receivables as of the sale date, what is the amount of Lisas ordinary income recognized as a result of the sale?