Drag and drop application. Determine the total recognized gain or loss. Determine the total recognized gain or loss. drop zone empty. Calculate the partner's share of gain or loss from hot assets as if the partnership sold the assets at FMV. Calculate the partner's share of gain or loss from hot assets as if the partnership sold the assets at FMV. drop zone empty. Subtract the ordinary portion from the total gain or loss to determine the capital gain or loss. Subtract the ordinary portion from the total gain or loss to determine the capital gain or loss. drop zone empty. Step Two Step Three Step One