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Joan is a 30% partner in the OJT Partnership when she sells her entire interest...

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Accounting

Joan is a 30% partner in the OJT Partnership when she sells her entire interest to Chrissy for $110,000 cash. At the time of the sale, Joan's basis in OJT is $63,000 (which includes her $10,000 share of OJT liabilities). OJT does not have any hot assets. What is the amount and character of Joan's gain or loss on the sale?

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