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R sells his 25% partnership interest to B for $50,000 cash. There is no assumption of liability in this transaction. On the date of sale,
R sells his 25% partnership interest to B for $50,000 cash. There is no assumption of liability in this transaction. On the date of sale, R has basis in his partnership interest of $26,000. At the date of sale the partnership has the following assets:
| Description | Basis | FMV |
| Cash | $1,000 | $1,000 |
| Inventory | $35,000 | $50,000 |
| Receivable from related party | $10,000 | $11,000 |
What is the total gain or loss recognized by R irrespective of the character of such gain or loss?
| $50,000 | ||
| $24,000 | ||
| $26,000 | ||
| $15,000 |
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