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Question 34 of 75. Zarah sold her interest in a partnership for $15,000 cash when her outside basis was $6.500. She was relie
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Answer #1

Answer. Recognize Gain = $40, 000

Explanation;

The amount that should be Recognized as gain or loss = interest in partnership + liability - outside basis

= $15000 + $30000 - $5000

= $40, 000 ( 100% this is the only correct answer)

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