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In this video tutorial, a discussion revolves around the sale of a partnership interest within a limited liability partnership (LLP) named Skittles. Key partners included are Lime, Lemon, and Orange. They established the business several years ago, contributing cash, and as of January 1st of this year, Lime's outside basis is $250. Lime sells her entire interest for $500 cash to a new partner, Green Apple. The partnership's assets include various types and some liabilities. Additionally, it is noted that Skittles purchased a machine three years ago for $120, with $120 in depreciation taken on a building since its acquisition five years ago. The focus then shifts to analyzing the tax consequences of Lime's sale and Green Apple's purchase.
