Note Please show detailed calculations and explanations Answers without showing calculations explanations, will not receive credit Zayde is a one third partner in the ARZ Partnership, with an outside basis of $156,000 on January 1 Zayde sells his partnership interest to Thomas on January 1 for $180,000 cash The ARZ Partnership has the following assets and no liabilities as of January 1 Basis FMV Cash $ 27,000 $ 27,000 Accounts receivable 0 18,000 Inventory 103,500 121,500 Equipment 270,000 337,500 Stock investment 67,500 96,000 Totals $ 468,000 $ 600,000 The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation The stock was purchased three years ago What is the amount and character of Zayde's gain or loss on the sale of his partnership interest

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Note: Please show detailed calculations and explanations. Answers without showing calculations/explanations, will not receive credit. Zayde is a one-third partner in the ARZ Partnership, with

Note: Please show detailed calculations and explanations. Answers without showing calculations/explanations, will not receive credit.

Zayde is a one-third partner in the ARZ Partnership, with an outside basis of $156,000 on January 1. Zayde sells his partnership interest to Thomas on January 1 for $180,000 cash. The ARZ Partnership has the following assets and no liabilities as of January 1:

	Basis	FMV
Cash	$ 27,000	$ 27,000
Accounts receivable	0	18,000
Inventory	103,500	121,500
Equipment	270,000	337,500
Stock investment	67,500	96,000
Totals	$ 468,000	$ 600,000

The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation. The stock was purchased three years ago. What is the amount and character of Zayde's gain or loss on the sale of his partnership interest?