PROBLEM H 15 POINTS K IS A 20% GENERAL PARTNER IN A REAL ESTATE PARTNERSHIP. HE IS NOT A REAL ESTATE PROFESSIONAL BUT HE DOES ACTUALLY PARTICIPATE IN THE PARTNERSHIP'S REAL ESTATE RENTAL ACTIVITY. FOR THE CURRENT YEAR, HIS SHARE OF THE PARTNERSHIP'S NET LOSS WAS $35,000.00. IN ADDITION, HE HAD TAX EXEMPT INCOME OF $4,800,00 AND NET SELF EMPLOYMENT INCOME OF $120,000,00. HE PAID SELF EMPLOYMENT TAXES OF $16,128.00, PROPERLY CLAIMING FOR AGI OF $8,064.00 FOR HALF OF THAT AMOUNT. HOW MUCH OF PARTNERSHIP ACTIVITY NET LOSS FOR THE YEAR WILL K BE ALLOWED TO DEDUCT AND HOW MUCH MUST BE CARRIED FORWARD (IF ANY)? The RKO Partnership has the following balance sheets at December 31: In that date, O sells his interest in the partnership to unrelated buyer G for $62,000. a. How much gain or loss will O recognize in connection with the salc to G ? b. What will be the character of O 's gain or 'oss