Question: 33) On March 10, Year 1, Daniel contributed land in exchange for a 25% partnership interest in Parr Company. The fair market value of the

33) On March 10, Year 1, Daniel contributed land in exchange for a 25% partnership interest

in Parr Company. The fair market value of the land at that time was $40,000, and

Daniel's adjusted basis was $25,000. On December 2, Year 4, Parr distributed that land

to another partner. The fair market value at that time was $50,000. What is the amount of

Daniel's recognized gain from this transaction?

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