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Problem $9-45($LO $9-2)($Algo$)$

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Ansel purchased raw land three years ago for $$240,000$ to hold as an investment. After watching the value of the land drop to $$182,000,$ he decided to contribute it to Mountainside Developers LLC in exchange for a $5$ percent capital and profits interest. Mountainside plans to develop the property and will treat it as inventory, like all the other real estate it holds.

Problem $9-45$ Part b $($Algo$)$

b$.$ If Mountainside sells the property for $$150,000$ after holding it for two years, how much gain or loss does it recognize, and what is the character of the gain or loss?