Question: Please provide the correct answer to this general accounting problem using valid calculations. At the end of last year, Ellen, a 25% partner in the

Please provide the correct answer to this general accounting problem using valid calculations.

At the end of last year, Ellen, a 25% partner in the four-person MNT Partners, had an outside basis of $28,000, which included her $11,000 share of partnership liabilities. On January 1, she sold her entire interest to James for $20,000 cash plus James assuming her share of the partnership's debt. MNT has no hot assets. What is the amount and character of Ellen's recognized gain or loss

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