How much gain must leonard report for partnership sale

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Reference no: EM132217532

Question: On September 1, 2013, Leonard contributed land held for investment with a fair market value of $200,000 and an adjusted basis to him of $120,000 for a 20 percent interest in the income and capital of Office Complex Partnership. The land was intended for use as a building site for the partnership. The partnership opted to rent facilities and on September 2, 2018, sold the contributed land for $500,000. Assuming the partnership agreement was silent with respect to this particular asset, how much gain must Leonard report for this partnership sale?

Reference no: EM132217532

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