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The RKO Partnership has the following balance sheets at December 31 : On that date, O sells his interest in the partnership to unrelated buyer

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The RKO Partnership has the following balance sheets at December 31 : On that date, O sells his interest in the partnership to unrelated buyer G for $62,000. a. How much gain or loss will O recognive in connection with the sale to G ? b. What will be the character of 0 's gain or ass

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