Victor is a 1/3 partner in the VRX partnership with an outside basis of $156,000 on January 1.Victor sells his partnership interest to Raj on January 1st for $200,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: 
The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation. The stock was purchased 7 years ago. What is the amount and character of Victor's gain or loss on thesale of his partnership interest?
Definitions:
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