George sells one parcel of land (basis of $100,000) for its fair market value of $160,000 to a partnership in which he owns a 60% capital interest. George held the land for investment purposes. The partnership is in the real estate development business and will build residential housing (for sale to customers) on the land. George will recognize:.
a. $0 gain or loss.
b. $60,000 capital gain.
c. $60,000 ordinary income.
d. $36,000 ordinary income.
e. $36,000 capital gain.
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George sells one parcel of land (basis of $100,000) for its fair market value of $160,000 to a partn...
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