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