Jerry is a 20 percent partner in the JJM Partnership when he sells his entire...
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Accounting
Jerry is a 20 percent partner in the JJM Partnership when he sells his entire interest to Lucia for $62,000 cash. At the time of the sale, Jerrys basis in JJM is $40,750. JJM does not have any debt or hot assets. What is Jerrys gain or loss on the sale of his interest?
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