A partner sold a 25% interest in a partnership for $400,000 cash plus assumption of the partner's share of the partnership liabilities. The following additional information relates to the partnership activities: Partner's initial cash contribution $ 100,000 Partnership income during the partner's ownership time period 1,000,000 Partnership liabilities at date of sale 60,000 Partner's cash withdrawals 50,000 How much gain is recognized by the partner upon the sale of the partnership interest?Jane has a 30% interest in a cash-basis general partnership. Her adjusted basis in the partnership was $50,000 at the beginning of Year 1. There were no distributions to Jane during the year. On August 1, Year 1, the partnership borrowed $200,000 for the following reasons: Purchase depreciable business equipment $ 30,000 Pay balance on existing note in full 170,000 All of the partners are personally liable for all partnership debts. The partnership incurred a $250,000 loss in Year 1. What amount can Jane claim as a loss from the partnership on her Year 1 individual income tax return