Alex is a partner with a 30 percent capital and profits inte…
Alex is a partner with a 30 percent capital and profits interest in Maple, a limited partnership, when he sells his entire interest on January 1 for $110,000. At the time of the sale, Alex’s basis in the partnership is $60,000. If Maple has $30,000 of unrealized receivables at the time of the sale, what is the amount and character of Alex’s gain or loss on the sale of his interest?