On December 31, Kate sells her 20% interest (with a basis of $18,000 which, of course, includes a share of partnership liabilities)in the KLM Partnership to Karl for $27,000 cash plus assumption of her $6,000 share of liabilities. On that date, the partnership has the following balance sheet: 
What are the amount and character of the gain that Kate must recognize on the sale?
Definitions:
Relative Frequency Histogram
A type of histogram in which each bar represents the proportion or percentage of data points that fall into each of a series of specified classes.
Relative Class Frequency
The fraction or percentage of data points that belong to a specific category or class in relation to the total dataset.
Relative Frequencies
The proportion of times a particular value occurs in a dataset relative to the total number of occurrences.
Bar Charts
Graphical representations of data using bars of different heights or lengths to illustrate comparisons among categories.
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