Discussion: "Partnerships and Tax Consequences"
Judy decided to dispose of her partnership interest in the ILK partnership. She has asked you to help her determine what the tax consequences will be for the disposition of her partnership interest, including how the amount is determined and the character of the gain or loss. Share the advice you would give to Judy and explain how this is different for an operating versus liquidating distribution.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.