Marty Is a 40% Owner of MB Partnership What Is the Amount and Character of Marty's Recognized Gain

Marty is a 40% owner of MB Partnership.Marty has decided to sell his interest in the business to Emilio for $100,000 cash plus the assumption of his share of MB's liabilities.Assume Marty's inside and outside basis in MB are equal.MB shows the following balance sheet as of the sale date:
$\begin{array}{l}\begin{array}{lll}\text {Assets:} \\\text {Cash} \\\text {Receivables} \\\text {Inventory} \\\text {Land held for investment} \\\text {Totals} \\\end{array}\begin{array}{lll}\text { Basis } & \text { FMV } \\\$ 160,000 & \$ 160,000 \\50,000 & 50,000 \\80,000& 170,000 \\\underline {60,000} & \underline {40,000 }\\\underline { \$ 350,000}& \underline {\$ 420,000}\end{array}\end{array}$
$\begin{array}{l}\text { Liabilities ard capital: }\\\begin{array} { l l r } \text { Liabilities } & & \$ 120,000 \\\text { Capital } & - \text { Marty } & 92,000 \\& - \text { Barly } & \underline { 138,000 }\\\text { Totals } & & \underline { \$ 350,000}\end{array}\end{array}$ What is the amount and character of Marty's recognized gain or loss?