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Jerry is a 10 percent partner in the JJM Partnership when he sells his entire interest to Lucia for $87,000 cash. At the time of

Jerry is a 10 percent partner in the JJM Partnership when he sells his entire interest to Lucia for $87,000 cash. At the time of the sale, Jerry's basis in JJM is $49,000. JJM does not have any debt or hot assets. What is Jerry's gain or loss on the sale of his interest?

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