In January 2022, Joey contributed investment land he had held two years with a FMV of ($6,000)

Question:

In January 2022, Joey contributed investment land he had held two years with a FMV of $$6,000$ and an adjusted basis of $$10,000,$ and Rachel contributed $$6,000$ cash to form the Green Partnership as equal general partners. During 2022, the partnership earned ordinary income of $$10,000$ and made no distributions. On January 1, 2023, while the partnership still held the land, Joey sold his interest in the partnership to Phoebe for $$11,000$ .

In April 2023, Green partnership sold for $$5,400$ the land that Joey contributed. What are the tax consequences of these transactions?

A partial list of research resources includes:

• Sec. 721

• Sec. 704(c)

• Sec. 705

• Sec. 741

• Reg. Sec. 1.704-1(c)

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