Calvin purchased a 40% partnership interest for $43,000 in February 2013. His share of partnership income in

Question:

Calvin purchased a 40% partnership interest for $43,000 in February 2013. His share of partnership income in 2013 was $22,000, in 2014 was $25,000, and in 2015 was $12,000. He made no additional contributions to or withdrawals from, the partnership. On December 18, 2015, Calvin sold his partnership interest for $103,000. What is his gain or loss on the sale of his partnership 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...