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In this tutorial, we discuss a partnership interest involving three equal partners: Lime, Lemon, and Orange, who formed the Skittles Limited Liability Partnership by contributing cash. On January 1st, Lime has an outside basis of $250, and the partnership's balance sheet shows various asset values and liabilities. Lime sells her entire interest to a new partner, Green Apple, for $500 in cash. Additionally, we note that the partnership acquired a machine three years ago for $120, and $120 in depreciation has been taken on a building since its acquisition five years ago. The focus is on the tax consequences of this sale for both Lime and Green Apple, as well as the partnership.
