Rita sells her 25% interest in the RSTU Partnership to Nancy for $90,000 cash.At the end of the year prior to the sale,Rita's basis in RSTU was $60,000.The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner.On the date of the sale,the partnership assets and the agreed fair market values were as follows.
Determine the amount and character of any gain that Rita recognizes on the sale.
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