Newton is a one$-$third owner of ProRite Partnership. Newton has decided to sell his interest in the business to Dunja for $$55,500$ cash plus the assumption of his share of ProRite's liabilities. Assume Newton's inside and outside bases in ProRite are equal. ProRite shows the following balance sheet as of the sale date:

Tax Basis FMV

Assets

Cash $ $82,000$ $ $82,000$

Receivables $38,25038,250$

Inventory $47,500113,200$

Land $38,00022,400$

Totals $ $205,750$ $ $255,850$

Liabilities and capital

Liabilities $ $60,000$

Capital$$Newton $48,583$

Capital$$Barbara $48,584$

Capital$$Liz $48,583$

Totals $ $205,750$

What are the amount and character of Newton's recognized gain or loss