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A grantor trust is a legal trust under State law which isn't recognized as a separate taxable entity. A grantor trust is a legal trust under State law which isn't recognized as a separate taxable entity. A grantor trust is a legal trust under State law which isn't recognized as a separate taxable entity. A grantor trust is a legal trust under State law which isn't recognized as a separate taxable entity.

There, maybe now I'll remember.

"Linda sold her partnership interest for $25000. Her adjusted basis at the time of the sale is $22500, which includes her $12500 share of the partnership liabilities. When she initially invested in the partnership, she contributed $10000 worth of equipment. There was no profit or loss at the partnership level at the time she sold her interest. What is the amount and nature of her gain or loss from the sale of her partnership interest?

A. $7500 ordinary loss
B. $10000 capital ...