b. Marsha Grace owns a 28% of the interests in 1060 West Addison Partnership. The partnership has a calendar year-end. Marsha sells her partnership interest to Ernie Banks for a cash payment of $217,697.20. Her basis in the partnership interest is $105,875 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 220,625 280,140 Land held for investment 99,500 439,350 Totals $378,125 $777,490 Based on the above information, answer the following questions. (Worth 10 total points) a. What is the total amount of gain or loss recognized by Marsha on the sale of her partnership interest? (Worth 3 points) What is the character of gain or loss recognized by Marsha on the sale of her partnership interest? (Worth 7 points)