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  3. 26. lo.15 sweeney originally contributed $175,000

26. LO.15 Sweeney originally contributed $175,000 in cash for a one-fourth interest in the Gilbert...

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26. LO.15 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 $10,000 of hot assets, of which Sweeney's share is $10,000. Sweeney's share of the LLC's liabilities. Jana's adjusted basis for her LLC interest? Sweeney sells his LLC interest to Jana for $225,000 cash, with Jana assuming How much is Sweeney's gain on the sale, and what is its character? How much is

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