Problem:
Sam owns a one-third interest in the SLM General Partnership, which develops real estate. The partnership purchased all of its assets. The assets and partners' capital accounts of the SLM Partnership as of the beginning of the year are as follows: AssetsCapital Adjusted Basis FMV Adjusted Basis FMV Inventory150000 270000 Sam110000 180000 office Bldg180000 270000 L110000 180000 M 110000180000 Total 330000 540000330000540000 Do not use commas, $ or Cents in your answer. If your answer if 40000 - write 40000. Do not write $40,000, Do not write 40,000.00 . Write 40000 the answer is a loss use brackets. For example (30000 ) Do not use -30000 . Q1 What are the tax consequences to Sam if he sells his interest in the partnership to Ben for 90000 or 180000. Fill in the spaces below. Sales Price 90000 180000 Total Gain (Loss ) Ordinary Capital Gain (Loss )