Refer to the information in the preceding problem. If the partnership sells the land for $27,000 after holding it for three years, what are the tax consequences to Alpha, Beta, and Gamma?
Information from preceding problem

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Alpha $10,000 cash and machinery valued at $20,000 with a basis of $15,000. Land valued at $30,000 with a basis of $35,000. Beta Gamma Cash of $20,000 and services valued at $10,000.