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?
Definitions:
Non-routine
Tasks or activities that do not follow a standard schedule, procedure, or method, often requiring special handling.
Disbelieve
To hold no conviction in the truth, existence, or reliability of something, often despite contrary evidence.
Brainstorming
A group creativity technique designed to generate a wide range of ideas for the solution of a problem.
Media Richness
Refers to the degree of acoustic, visual, and personal interaction that can be facilitated by a communication medium.
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