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 the sale of his partnership interest?
Definitions:
Primary Nitrogenous Waste
The main form of nitrogen-containing waste products excreted by living organisms, varying among species (e.g., urea, ammonia, uric acid).
Amphibians
A class of cold-blooded vertebrates that includes frogs, toads, newts, and salamanders, characterized by their life cycle stages both in water and on land.
Accompanying Figure
An illustration, chart, graph, or image that is provided alongside a text to complement, explain, or exemplify the information being discussed.
Nitrogenous Waste
Waste products containing nitrogen, such as ammonia, urea, or uric acid, produced by the metabolism of proteins and nucleic acids.
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