?

On April 1, 2012, George Hart, Jr. acquired a 25% interest in the Wilson, Hart, and Company partnership by gift from his father. The partnership interest had been acquired by a $50,000 cash investment by Hart, Sr. on July 1, 2006. The tax basis of Hart, Sr.’s partnership interest was $60,000 at the time of the gift. Hart, Jr. sold the 25% partnership interest for $85,000 on December 17, 2012. What type and amount of capital gain should Hart, Jr. report on his 2012 tax return?