Amanda owns 30% of the interests in Becks Partnership. Becks Partnership is taxed as a partnership and has a calendar year-end. Amanda sells her partnership interest to Nick for a cash payment of $300,000. Her basis in the partnership interest is $137,400 at the time of the sale. The partnership had the following assets at the time of the sale. It did not have any liabilities.

Tax Basis FMV

Cash $58,000 $58,000

Inventory 135,000 172,000

Land held for investment 265,000 770,000

Totals $458,000 $1,000,000

a. What is the total amount of gain or loss recognized by Amanda on the sale of her partnership interest?