During the current year , Phyllis Diaz sold her 20 % interest in Carson Partnership for $ 46,000 . She held the interest for several years . She has come to us seeking the character of the gain or loss .

the current year, Phyllis Diaz sold her 20% interest in Carson Partnership for $46,000 She held the interest for several years Prior to the sale, the partnership had the following on their books AdjBasis Cash $ 70,000 Accounts Receivable 0 Machinery $ 30,000 Real Estate $ 120,000 Fair Market Value $70,000 $30,000 $ 50,000 $ 100,000 The partnership would recognize 6,000 of Sec 1245 gain on this asset if it was sold Liabilities Capital Phyllis Capital - Michael $ 20,000 $ 60,000 $140,000 $ 20,000 $ 46,000 $184,000

Prepare a Tax Workpaper that shows the calculation of Phyllis ' gain or loss realized . Be sure to answer the question " What will be the character of the gain or loss ?

pls do on a excel spreeadsheet