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Brooke and john formed a partnership how much taxable gain

Question - Brooke and John formed a partnership. Brooke receives a 40% partnership interest in return for contributing land (basis of $30,000 and fair market value of $120,000). John contributes $180,000 in cash for a 60% partnership interest. Three years after the contribution date, the land contributed by Brooke is sold by the partnership for $150,000. How much taxable gain will Brooke recognize from the sale?

a. $90,000

b. $102,000

c. $48,000

d. $36,000

e. $0

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Accounting Basics: Brooke and john formed a partnership how much taxable gain

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