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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 was the total amount realized by Carr on the sale of his partnership interest?
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