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The personal service partnership of Allen, Baker & Carr had the following cash basis balance sheet at December 31 of the current year:
Carr, an equal partner, sold his partnership interest to Dole, an outsider, for $154,000 cash on January 1 of the following year. In addition, Dole assumed Carr's share of the partnership's liability.What amount of ordinary income should Carr report on the following year's income tax return on the sale of his partnership interest?
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