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Jerve has a one-third interest in the JKL service partnership. His outside basis is $210. The partnership owns two asset, receivables worth $150 with a
Jerve has a one-third interest in the JKL service partnership. His outside basis is $210. The partnership owns two asset, receivables worth $150 with a basis of zero, and land worth $600 with a basis of $100. Jerve sells his interest to Lima for $250. Indicate the amount and character (capital or ordinary) of any gain or loss recognized by Jerve on the sale.
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