Liam, a sole proprietor, contributed accounts receivable (basis $0 (zero), FMV $20,000), inventory (basis $25,000, FMV $50,000),

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Liam, a sole proprietor, contributed accounts receivable (basis $0 (zero), FMV $20,000), inventory (basis $25,000, FMV $50,000), and land (investment property to Liam, basis $12,000, FMV $9,000) to Awesome LLC taxed as a partnership. Soon after formation, Awesome collects $20,000 cash for the receivables and sells the inventory for $50,000 cash. Awesome uses the land as a parking lot in its business for a year and then sells it for $7,000. Determine (1) the amount of income recognized from collection of the accounts receivable, (2) the amount of income recognized from sale of the inventory, and (3) the amount of capital loss recognized from the sale of the land.