Briefly explain the process of determining gain or loss (including character of gain/loss) upon disposition of a

Question:

Briefly explain the process of determining gain or loss (including character of gain/loss) upon disposition of a interest.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...