On January 1, 2021, Johnathan sold his 25% partnership interest in Jazz Partnership to Robert for $120,000 plus the assumption of his share of Jazz Partnership liabilities. Before selling his interest, Johnathan had an outside basis in his Jazz Partnership interest of $80,000, which includes his $20,000 share of Jazz Partnership liabilities. Jazz Partnership had the following asset and liabilities at the date of sale: Tax Basis FMV Cash 150,000 150,000 Accounts Receivable 40,000 52,000 Inventory 50,000 70,000 Land Liabilities 20,000 288,000 80,000 a) (6 points) What is the amount and character of any gain or loss recognized by Johnathan on the sale of his partnership interest? b) (3 points) What basis does Robert take in his newly acquired partnership interest in Jazz Partnership?