The Rents-Are-Us Partnership owns a large apartment building with a fair market value of $2,100,000, a basis

Question:

The Rents-Are-Us owns a large apartment building with a fair market value of $2,100,000, a basis of $1,600,000, and a mortgage encumbering it of $500,000. Kenneth sells his 20 percent interest in the with an outside basis of $350,000 to Charlie for $450,000 cash and the assumption of his share of the mortgage. What are the tax effects for Kenneth on the sale of his interest to Charlie?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...