Business, 03.04.2020 02:54 helpmeplzz27
Sweeney originally contributed $175,000 in cash for a one-fourth interest in the Gilbert LLC. During the several years that Sweeney was a member of the LLC, his share of the LLC's income was $90,000 and he withdrew $75,000 cash. The LLC's liabilities are $80,000, of which Sweeney's share is $20,000. Sweeney sells his LLC interest to Jana for $225,000 cash, with Jana assuming Sweeney’s share of the LLC’s liabilities.
How much is Sweeney’s gain on the sale, and how much is Jana’s adjusted basis for her LLC interest?
Answers: 3
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Sweeney originally contributed $175,000 in cash for a one-fourth interest in the Gilbert LLC. During...
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