1. If a partner sells an interest in a partnership in which his or her basis before the transaction is $100, the sales price is $150, the partnership has no unrealized receivables, and the partners share of the inventory of the partnership had a basis of $50 and a fair market value of $40, what dollar amounts of ordinary or capital gains or losses does the partner report? Assume that the partnership interest is a capital asset, there are no partnership liabilities, and that there are no at risk or passive activity issues.