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PROBLEM SET 1. Blake is a general partner in the BCD limited partnership; Charlie and Dave are limited partners. Blake's interest is 20%, and Charlie's and Dave's interests are each 40%. The basis of Blake's general partnership interest is $200, and its fair market value is $300. Each of Charlie and Dave has a $400 basis in their partnership interests, which are worth $600. The partnership has no debts and distributes all of its taxable income currently. (a) Blake buys one-half of Charlie's limited partnership interest for $300. What are the tax consequences to Charlie? (b) Blake buys all of Charlie's limited partnership interest for $600, following which Blake sells all of the general partnership interest to Dave for $300. What are the tax consequences to Blake? (c) Blake buys all of Charlie's limited partnership interest for $600, following which Blake sells all of the limited partnership interest to Elvis for $600. What are the tax consequences to Blake? in the EF partnershin E- PROBLEM SET 1. Blake is a general partner in the BCD limited partnership; Charlie and Dave are limited partners. Blake's interest is 20%, and Charlie's and Dave's interests are each 40%. The basis of Blake's general partnership interest is $200, and its fair market value is $300. Each of Charlie and Dave has a $400 basis in their partnership interests, which are worth $600. The partnership has no debts and distributes all of its taxable income currently. (a) Blake buys one-half of Charlie's limited partnership interest for $300. What are the tax consequences to Charlie? (b) Blake buys all of Charlie's limited partnership interest for $600, following which Blake sells all of the general partnership interest to Dave for $300. What are the tax consequences to Blake? (c) Blake buys all of Charlie's limited partnership interest for $600, following which Blake sells all of the limited partnership interest to Elvis for $600. What are the tax consequences to Blake? in the EF partnershin E