Julie, a one-third partner, retires from the JJM Partnership on January 1 of the current year. Her basis in her partnership interest is $133,000 including her share of liabilities.

Julie?, a? one-third partner, retires from the JJM Partnership on January 1 of the current year. Her basis in her partnership interest is $133,000 including her share of liabilities.

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Julie?, a? one-third partner, retires from the JJM Partnership on January 1 of the current year. Her basis in her partnership interest is $133,000 including her share of liabilities.

Julie receives $176,000 in cash from the partnership for her interest. On that? date, the partnership balance sheet is as? follows:

?(Click

the icon to view the balance? sheet.)

Requirements

Requirement a. What are the amount and character of Julie?'s recognized gain or? loss?

Complete the table below to show Julie?'s recognized gain or loss.

Requirement b. How would your answers to Part a change if

Jenn and Mini each purchased? one-half of Julie?'s partnership interest for $88,000 cash instead of having the partnership distribute the $176,000 in cash to Julie??

Complete the table below to show Julie?'s recognized gain or loss in this scenario.