How much gain was required to be allocated to tina

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Reference no: EM13128951

Tina and Betty formed a partnership. Tina received a 40 percent interest in the partnership in exchange for land with an adjusted basis to her of $60,000 and a fair market value of $80,000. Betty received a 60 percent interest in the partnership in exchange for $120,000 of cash. Three years after the date of contribution, the land contributed by Tina was sold by the partnership to an unrelated third party for $90,000. How much gain was required to be allocated to Tina as a result of the sale by the partnership?

A. $4,000.

B. $12,000.

C. $24,000.

D. $30,000.

Reference no: EM13128951

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