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How to allocating the gain or loss on sale of the property

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Question - Olivia and Pinky set up a 50/50 LLC ("OP, LLC") to sell board shorts on the Santa Cruz boardwalk. Olivia contributes beach front land next to the boardwalk with a fair market value of $1,000,000 and an adjusted basis in her hands of $500,000; Pinky contributes cash of $1,000,000. In year 2, Olivia and Pinky decide to sell the land and go inland. They sell the beach front land, which has appreciated, for $1,100,000.

How to allocating the gain/(loss) on sale of the property using traditional allocation method, traditional with curative allocation method, or remedial method.

Reference no: EM132595104

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