3 XYZ partnership is equally owned by three partners. X sells his interest to M for $90,000 cash and M assumes X's debt. Before the sale of interest, here is a balance sheet: Cash Basis 150,000 Accounts Receivable Capital Assets 30,000 180,000 FMV 150,000 0 60,000 90,000 300,000 Basis FMV Note Pable Capital X Capital Y Caital Z 90,000 90,000 30,000 70,000 30,000 70,000 30,000 70,000 180,000 300,000 1 Calculate Amount realized by X 2 Calculate gain realized by X I Calculate ordinary income and Capital Gain