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Business, 20.12.2019 21:31 lpssprinklezlps

Sweeney originally contributed $175,000 in cash for a one-fourth interest in the gilbert llc. during the several years that sweeney was a member of the llc, his share of the llc's income was $90,000 and he withdrew $75,000 cash. the llc's liabilities are $80,000, of which sweeney's share is $20,000. the llc has $40,000 of hot assets, of which sweeney's share is $10,000. sweeney sells his llc interest to jana for $225,000 cash, with jana also assuming sweeney's share of the llc's liabilities. how much is sweeney’s gain on the sale, and how much is jana’s adjusted basis for her llc interest?

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Sweeney originally contributed $175,000 in cash for a one-fourth interest in the gilbert llc. during...
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