Problem 4: Carrie purchased a 40% partnership interest for $86,000 in February 2016.
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Problem 4: Carrie purchased a 40% partnership interest for $86,000 in February 2016.
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Problem 4: Carrie purchased a 40% partnership interest for $86,000 in February 2016. Her share of partnership income in 2016 was $44,000, in 2017 was $50,000, and in 2018 was $24,000. She made no additional contributions to, or withdrawals from, the partnership. On December 18, 2018, Carrie sold her partnership interest for $206,000. What is her gain or loss on the sale of her partnership interest?
Capital Contribution $86,000
Share of income 2012 44,000
Share of income 2013 50,000
Share of income 2014 24,000
Total value of partnership interest 204,000
Actual value at which interest sold by Carrie 206,000
Net gain on sale of partnership interest $2, 000
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