A, B, C, and D are equal partners in the ABCD partnership. The partnerships current balance sheets are as follows.

Partner A agrees to sell her interest in the partnership to new partner E for $2,500 in cash, plus assumption of her $4,500 share of partnership debt.

What is total gain / loss recognized by A and what is character of recognized gain or loss?

\\begin{tabular}{|l|c|c|} \\hline Assets & Book Value & FMV \\\\ \\hline Cash & 2,000 & 2,000 \\\\ \\hline Accounts receivable & 0 & 2,500 \\\\ \\hline Inventory & 2,000 & 2,500 \\\\ \\hline Stock held as an investment & 16,000 & 16,000 \\\\ \\hline Land held as an investment & 2,000 & 5,000 \\\\ \\hline & & \\\\ \\hline & 22,000 & 28,000 \\\\ \\hline & & \\\\ \\hline Liabilities and Capital & & \\\\ \\hline & & \\\\ \\hline Recourse liabilities & 18,000 & 18,000 \\\\ \\hline Capital A & 1,000 & 2,500 \\\\ \\hline Capital B & 1,000 & 2,500 \\\\ \\hline Capital C & 1,000 & 2,500 \\\\ \\hline Capital D & 1,000 & 2,500 \\\\ \\hline & & \\\\ \\hline \\end{tabular}