Home » ACCOUNTING-achael and Ray form an equal partnership R&R on January 1, 20X1.

ACCOUNTING-achael and Ray form an equal partnership R&R on January 1, 20X1.

achael and Ray form an equalpartnership R&R on January 1, 20X1.Rachael contributes $100,000 in exchangefor her one-half interest; Raycontributes land worth $100,000. Ray’sadjusted basis in the land is $30,000.Ray is a real estate developer, and atthe time of the contribution, the landwas inventory in his hands. The land isa capital asset in the hands of R&R. IfR&R sells the land in 20X7 for $180,000,a. R&R will recognize $150,000 ofcapital gain.b. R&R will recognize $150,000 ofordinary income.c. R&R will recognize $80,000 ofordinary income and $70,000 of capitalgain.d. R&R will recognize $80,000 ofordinary income.e. R&R will recognize $80,000 ofcapital gain.

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