The following information pertains to property contributed by Gray on July 1, 2011, for a 40% interest in the capital and profits of Kag & Gray, a partnership:

As of June 30, 2011 Adjusted basis Fair market value

$24,000 $30,000 After Gray’s contribution, Kag & Gray’s capital totaled

$150,000. What amount of gain was reportable in Gray’s 2011 return on the contribution of property to the partnership?

a. $0

b. $ 6,000

c. $30,000

d. $36,000