Victor is a one-third partner in the VRX Partnership, with an outside basis of $242,200 on January 1. Victor sells his partnership interest to Raj on January 1 for $291,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
The equipment was purchased for $381,000 and the partnership has taken $95,250 of depreciation. The stock was purchased seven years ago. What is the amount and character of Victor's gain or loss on the sale of his partnership interest?

Question

Victor is a one-third partner in the VRX Partnership, with an outside basis of $242,200 on January 1. Victor sells his partnership interest to Raj on January 1 for $291,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
  The equipment was purchased for $381,000 and the partnership has taken $95,250 of depreciation. The stock was purchased seven years ago. What is the amount and character of Victor's gain or loss on the sale of his partnership interest?

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The Answer of Victor is a one-third partner in the VRX Partnership, with an outside basis of $242,200 on January 1. Victor sells his partnership interest to Raj on January 1 for $291,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
  The equipment was purchased for $381,000 and the partnership has taken $95,250 of depreciation. The stock was purchased seven years ago. What is the amount and character of Victor's gain or loss on the sale of his partnership interest?

Victor Is a One-Third Partner in the VRX Partnership, with an Outside