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Teresa is a partner with a 20 percent capital and profits interest in a partnership January 1, she sells her entire interest for $22,500 cash.

Teresa is a partner with a 20 percent capital and profits interest in a partnership January 1, she sells her entire interest for $22,500 cash. Teresa's basis in the partnership interest at the time of the sale was $30,000, including her $15,000 share of nonrecourse debt. If the partnership does not have any hot assets, what is the amount and character of Teresa's gain (loss) on the sale of her interest

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