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What amount of gain from the sale of the artwork

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Question - Danson and Ellerby are equal partners in DE Partnership, which is in the business of selling fine art. DE owns assets with a tax basis and fair market value of $240,000. In January of the current year, Finley contributes to the partnership some personal investment art with a fair market value of $120,000 (tax basis $80,000) to become a one-third partner in the new DEF partnership. In October of the current year, DEF sells the art received from Finley for $141,000. What amount of gain from the sale of the artwork should be allocated to Finley?

a. $47,000

b. $7,000

c. $20,333

d. $40,000

Reference no: EM132504418

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