Victor is a one-third partner in the VRX Partnership, with an outside basis of $156,000 on January 1. Victor sells his partnership interest to Raj on January 1 for $200,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: Cash Accounts receivable Inventory Equipment Stock investment Totals Basis FMV $ 27,000 $ 27,000 -0- 18,000 103,500 121,500 270,000 337,500 67,500 96,000 $ 468,000 $ 600,000 The equipment was purchased for $360,000 and the partnership has taken $90,000 of depreciation. The stock was purchased seven years ago. What is the amount and character of Victor's gain or loss on the sale of his partnershin interest?