On September 1, 2013, Leonard contributed land held for investment with a fair market value of \(\$ 200,000\) and an adjusted basis to him of \(\$ 120,000\) for a 20 percent interest in the income and capital of Office Complex Partnership. The land was intended for use as a building site for the partnership. The partnership opted to rent facilities and on September 2, 2018, sold the contributed land for \(\$ 500,000\). Assuming the partnership agreement was silent with respect to this particular asset, how much gain must Leonard report for this partnership sale?