How much taxable gain will sarah recognize from the sale, Accounting Basics

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How much taxable gain will sarah recognize from the sale

Problem

Sarah and Danny formed a partnership. Sarah received a 40% interest in partnership capital and profits in exchange for contributing land (basis of $30,000 and fair market value of $120,000). Danny received a 60% interest in partnership capital and profits in exchange for contributing $180,000 of cash. Three years after the contribution date, the land contributed by Sarah is sold by the partnership to a third party for $150,000. How much taxable gain will Sarah recognize from the sale?

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Accounting Basics: How much taxable gain will sarah recognize from the sale

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Accounting Basics: How much taxable gain will sarah recognize from the sale

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