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Required information Skip to question [ The following information applies to the questions displayed below. ] Kamal contributed $ 1 9 , 0 0 0

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[The following information applies to the questions displayed below.]
Kamal contributed $19,000 in cash and a capital asset he had held for three years with a fair market value of $38,000 and tax basis of $9,500 for a 5 percent capital and profits interest in Green Valley LLC.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
b. If Kamal sells his LLC interest two months later for $57,000 when the tax basis in his partnership interest is still $28,500, how much gain does he report, and what is its character? [Hint: See Regulations 1.1223-3.]

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