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How much taxable gain will holly recognize from the sale

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Question - Holly and Marcus formed a partnership. Holly received a 50% interest in partnership capital and profits in exchange for contributing land (basis of $20,000 and a fair market value of $100,000). Marcus received a 50% interst in partnership capital and profits in exchange for contributing 100,000 of cash. three years after the contribution date, the land contributed by Holly is sold by the partnership to a third party for $120,000. How much taxable gain will Holly recognize from the sale?

a. 50,000

b. 90,000

c. 100,000

d. 120,000

e. 0

Reference no: EM131774290

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