DEF partnership is a calendar year, accrual method partnership in which each partner has a 1/3 interest in capital and profits, and each partner has an outside basis in her partnership interest of $73,333. D sells her partnership interest to X for $95,000 cash. Immediately prior to the sale, the balance sheet of the partnership was as follows: Assets Adjusted Basis FMV Cash 75,000 75,000 Accounts Receivable 30,000 30,000 Inventory 10,000 15,000 Building (no recapture) 55,000 70,000 Investment Parcel X 40,000 90,000 Investment Parcel Y 10,000 45,000 220,000 325,000 Liabilities and Capital Liabilities 40,000 40,000 Capital: D 60,000 95,000 E 60,000 95,000 F 60,000 95,000 220,000 325,000 Determine the amount and character of any gain realized and recognized by D on the sale of her partnership interest to X. Assuming that that the DEF partnership has a valid section 754 election in place, what would be the gross amount of Xs section 743(b) adjustment, and how would it be allocated to the various assets of the DEF partnership. What consequences would result if the DEF partnership sold the inventory for $15,000, immediately after Xs purchase of Ds partnership interest, assuming that a valid section 754 election was in place?