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: $$\begin{array} { | l | r | r | } \hline & \text { Partnership's Basis in } & \text { Assets Fair maket } \\&\text { Asset } & \text { Value } \\\hline \text { Cash } & \$ 81,000 & \$ 81,000 \\\hline \text { Inventory } & 36,000 & 24,000 \\\hline \text { Land } & 120,000 & 135,000 \\\hline\end{array}$$ $$\begin{array} { | l | r | r | } \hline & \text { Basis } & \text { FMV } \\\hline \text { Cash } & \$ 180,000 & \$ 180,000 \\\hline \text { Accounts receivable } & - 0 - & 240,000 \\\hline \text { Stock investment } & 75,000 & 120,000 \\\hline \text { Land } & \underline { 300,000 } & \underline { 360,000 } \\\hline \text { Total } & \$ 555,000 & \$ 900,000 \\\hline\end{array}$$ What is the amount and character of Marty's recognized gain or loss?