(Answered) Question - dum partnership consists of three partners danny

Accounting

Question - DUM partnership consists of three partners: Danny (25% share), Umberto (50% share), and Martin (25% share). Danny decides to sell his total interest to Imogene. On the date of sale, the partnership had the following:

Basis FMV

Cash $ 10,000 $ 10,000

Accounts receivable 0 8,000

Inventory 16,000 17,600

Land 80,000 100,000

Danny's basis in his partnership interest was $26,500 and the partnership has no liabilities. If he sells his interest for $35,000, what is his gain or loss realized and recognized?

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