Amina is a 30 percent partner in the AOM Partnership when she sells her entire interest to
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Amina is a 30 percent partner in the AOM Partnership when she sells her entire interest to Hope for $72,000 cash. At the time of the sale, Amina’s basis in AOM is $44,000 (which includes her $6,000 share of AOM liabilities). AOM does not have any hot assets. What is Amina’s gain or loss on the sale of her interest?
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Labindao Antoque
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