The RKO Partnership has the following balance sheets at December 31:

Basis FMV

Cash $15,000 $15,000

Accounts Receivable 0 36,000

Inventory 22,000 40,000

Land 140,000 95,000

Totals $177,000 $186,000

Capital, R 59,000 62,000

Capital, K 59,000 62,000

Capital, O 59,000 62,000

Totals $177,000 $186,000

On that date, O sells his interest in the partnership to unrelated buyer G for $62,000.

How much gain or loss will O recognize in connection with the sale to G?

What will be the character of O's gain or loss?

Please show your work so that it helps me understand how you derived your answers.