Question: When Michigan Development LLC was formed, Marie contributed land (value of $1,800,000 and basis of $600,000), and Craig contributed cash of $1,000,000 and mineral rights

When Michigan Development LLC was formed, Marie contributed land (value of $1,800,000 and basis of $600,000), and Craig contributed cash of $1,000,000 and mineral rights (value of $800,000 and basis of $720,000). Both partners received a 50% interest inpartnership profits and capital.

c. If Troy Development sells the land five years later for $2,500,000. What is Marie's recognized gain? $

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