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| During the current year, Wayne sold the interest he had held for 5 years in the Alco Partnership for $15,000 cash. The buyer also assumed Wayne’s $2,000 share of the partnership liabilities. Wayne’s tax basis in the partnership was $11,000. The Alco Partnership had no unrealized receivables nor appreciated inventories. What is Wayne’s gain on the sale of his partnership interest in Alco? A. $2,000 ordinary gain. B. $4,000 long-term capital gain. C. $2,000 long-term capital gain. D. $6,000 long-term capital gain. |