The balance sheet of the ABC Partnership at December 31 of the current year is as follows: (Click on the icon to view the balance sheet of ABC Partnership.) All partners have an equal interest in the partnership. Allan sells his partnership interest to an outsider on December 31 of the current year for $60,000. Allan's basis in the partnership interest is $50,000 (which includes Allan's share of partnership liabilities). Read the requirements. Requirement a. What amount does Allan realize on the sale? The amount Allan realizes on the sale is Requirement b. What are the amount and character of Allan's recognized gain or loss on the sale? (Assume that Allan's basis includes the distributive share of partnership income or loss up to the sale date. There is more than one character in the total gain or loss recognized. Enter each character applicable and its amount.) Character Amount of recognized gain (loss) Total gain (loss) recognized The balance sheet of the ABC Partnership at December 31 of the current year is as follows: (Click on the icon to view the balance sheet of ABC Partnership.) All partners have an equal interest in the partnership. Allan sells his partnership interest to an outsider on December 31 of the current year for $60,000. Allan's basis in the partnership interest is $50,000 (which includes Allan's share of partnership liabilities). Read the requirements. Requirement a. What amount does Allan realize on the sale? The amount Allan realizes on the sale is Requirement b. What are the amount and character of Allan's recognized gain or loss on the sale? (Assume that Allan's basis includes the distributive share of partnership income or loss up to the sale date. There is more than one character in the total gain or loss recognized. Enter each character applicable and its amount.) Character Amount of recognized gain (loss) Total gain (loss) recognized