Edward Chance sold his 1/3 interest in CCS Partnership to Greg Randall for $112,000 cash on January 2, 2022. Chance's basis in the partnership interest was $90,000 on the date of the sale. An analysis of the financial records of the partnership revealed the following: Asset A/B FMV Accounts Receivable $0 $15,000 Inventory $80,000 $89,000 Equipment $190,000 $232,000 

a. What is Chance's recognized gain on the sale of his partnership interest? 

b. What is the character(s) of his gain on the sale