3. Karen is a 20% partner in Smith Partners. The other interests in the partnership...
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3. Karen is a 20% partner in Smith Partners. The other interests in the partnership are owned by Karen's parents and siblings. The partnership has $250,000 of liabilities outstanding. Karen's share of these liabilities is $50,000(20%). The partnership's balance sheets are as follows: a. How much gain must Karen recognize on transfer of the partnership interest to her alma mater? b. What is the amount of Karen's charitable contributions deduction
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3. Karen is a 20% partner in Smith Partners. The other interests in the partnership are owned by Karen's parents and siblings. The partnership has $250,000 of liabilities outstanding. Karen's share of these liabilities is $50,000(20%). The partnership's balance sheets are as follows: a. How much gain must Karen recognize on transfer of the partnership interest to her alma mater? b. What is the amount of Karen's charitable contributions deduction 