On December 31 of the current year, Fox sold his interest in a limited partnership...
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Accounting
On December of the current year, Fox sold his interest in a limited partnership for $ cash and relief of all partnership liabilities. On that date, the adjusted basis of Fox's partnership interest, after the increase for his share of current year partnership income, was $ consisting of his capital account of $ and his share of the partnership liabilities of $ The partnership has no unrealized receivables or substantially appreciated inventory. What is Fox's gain or loss on the sale of his partnership interest?
Group of answer choices
$ ordinary gain
$ capital gain
$ ordinary loss
$ capital loss
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