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What is Freddy recognized gain on the distribution of land

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Question - On April 1, 20x1 Freddy contributed land to Acorn Partnerhip in exchange for a 25% interest in the partnership. The FMV of the land at the time of contribution $50,000 and Freddy's basis was $35,000. On December 25, 20x2, Acorn distributed the land Freddy had contributed back to Freddy when the FMV was $60,000. What is Freddy's recognized gain on the distribution of land back to him?

Reference no: EM132955057

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