Victor is a one-third partner in the VRX Partnership, with an outside basis of $208,100 on January 1. Victor sells his partnership interest to Raj on January 1 for $260,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

	Basis	FMV
Cash	$ 44,800	$ 44,800
Accounts receivable	0	22,800
Inventory	123,500	145,700
Equipment	312,750	388,650
Stock investment	69,400	102,100
Totals	$ 550,450	$ 704,050

The equipment was purchased for $417,000 and the partnership has taken $104,250 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 partnership interest?