Accounting Ethical issues in A Partnership Anna owns a 60% interest in a general partnership—The Aero Partnership—which she sells to the 2 remaining partners—Janet and Ashley.
The 3 partners have agreed that Anna will receive $135,000 in cash from the sale. Anna’s basis in the partnership interest before the sale is $108,000, which includes her $27,000 share of partnership recourse liabilities. The partnership has assets with a $270,000 FMV and a $180,000 adjusted basis.
What issues should Anna, Janet, and Ashley consider before this sale takes place? Further, discuss what ethical issues are present in the scenario, and provide a Biblical perspective to frame these issues.