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At the end of las share of CYG debt. On January 1 of the assumption of her share

ID: 2597880 • Letter: A

Question

At the end of las share of CYG debt. On January 1 of the assumption of her share of CYG's debt. CYG has no hot assets. What is t year. Cynthia, a 20% partner in the five-person CYG partnership. has an outside basis of $23,000 including her S8500 current year, Cynthia sells her partnership interest to Roger for a cash payment of $16,000 and the the amount and character of Cynthia's recognized gain or loss on the sale? Multiple Choice $1,500 capital gain. $7500 ordinery income $7000 ordinary loss $7000 capital loss

Explanation / Answer

Cynthia's recognized gain or loss on the sale = 16000-(23000-8500)= 1500 Option 1 $1500 capital gain is correct

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