4. The XYZ partnership has the following balance sheet: If X sells her partnership interest to W for $40,000 cash ($10,000 this year and $30,000 next year), what is her gain or loss each year, and what is its character? 5. F sells her interest in the equal FG partnership for $20,000 cash. F's basis, including her share of partnership liabilities, is $40,000. Partnership liabilities are $65,000, and are split equally between F and G before the sale. F has owned the partnership interest for more than one year. The partnership owns a collection of valuable antiques (holding period: two years) that have a FMV of $50,000 and a basis of $20,000. What is F's gain or loss, and what is its character? i. Would your answer be any different if her holding period for the partnership interest was less than one year? ii. What would your answer be if her holding period was long-term, and the partnership had held a stamp collection (holding period: 18 months) with a FMV of $20,000 and a basis of $30,000, instead of the antique collection