Jose purchased a 30% partnership interest for $38,000 in June 2013.Jose's share of partnership income was $8,000 in 2013,$12,000 in 2014,$28,000 in 2015,and $6,000 in 2016.Jose made no additional contributions to,or withdrawals from,the partnership.On December 29,2016,Jose sold his partnership interest for $108,000.What is Jose's gain or loss on the sale of his partnership interest?

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The Answer of Jose purchased a 30% partnership interest for $38,000 in June 2013.Jose's share of partnership income was $8,000 in 2013,$12,000 in 2014,$28,000 in 2015,and $6,000 in 2016.Jose made no additional contributions to,or withdrawals from,the partnership.On December 29,2016,Jose sold his partnership interest for $108,000.What is Jose's gain or loss on the sale of his partnership interest?

Jose Purchased a 30% Partnership Interest for $38,000 in June