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How much income will partner B report for the year

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Question - A contribute $100,000 cash for a 50% capital interest and a 50% interest in profit and losses. B contributes land worth $100,000 in which he has a basis of $20,000 for the remaining 50% interest in capital in profits and losses. The partnership sells the land three years later for $200,000. There are no liabilities at the partnership level and there are no other transactions during the year.

Required - How much income will partner B report for the year the land is sold? Explain and show calculations.

Reference no: EM132526357

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