CPA-01737Stone's basis in Ace Partnership was USD 70,000 at the time he received a nonliquidating distribution of partnership capital assets. These capital assets had an adjusted basis of USD 65,000 to Ace and a fair market value of USD 83,000. Ace had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was Stone's recognized gain or loss on the distribution?
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