Matt is a 25% owner in the Bliss LLC (a calendar year entity). At the end of the last tax year, Matt's basis in his interest was $50,000, including his $20,000 share of LLC liabilities. On July 1 of the current tax year, Matt sells his LLC interest to Brenda for $80,000 cash. In addition, Brenda assumes Matt's share of LLC liabilities, which, at that date, was $15,000. During the current tax year, Bliss's taxable income is $120,000 (earned evenly during the year). Matt's share of the LLC's unrealized receivables is valued at $6,000 ($0 basis). 

At the sale date, what is Matt's basis in his LLC interest, how much gain or loss must he recognize, and what is the character of the gain or loss?