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The discussion focuses on the sale of a partnership interest within the Skittles limited liability partnership, formed by equal partners Lime, Lemon, and Orange. Lime is selling her entire interest to a new partner, Green Apple, for $500 cash. As of January 1st, Lime's outside basis is $250. The partnership holds various assets and liabilities, and key details include that a machine was purchased three years ago for $120, with $120 in depreciation taken on a building acquired five years prior. The tutorial will analyze the tax consequences of this transaction for each partner and the partnership, starting with Lime's perspective as the seller.
