x planning for contributed property is not without complication. Read about the partners of Randolph Real Estate and prepare a memo that dvises them on their tax planning. Qackground Your clients, Kevin Garcia and Isaiah Smith, formed a partnership called Randolph Real Estate in 2018. Kevin contributed two pieces of land to the partnership that were used in the partnership's operations: Parcel A: At the time of contribution, the parcet had an FMV of $100,000 and a basis of $70,000. This parcel was land that Kevin held for investment prior to contributing it to the partnership. The current FMV of the land is $125,000. Parcel B; At the time of contribution, the parcel had an FMV of $140,000 and a basis of $95,000. This parcel was land that Kevin held as a dealer in real estate prior to contributing it to the partnership. The current FMV of the land is $160.000. The partnership is considering restructuring its operations, and the partrers believe that they may not need both parcels of land any longer, so they are considering having the partnorship sell one of the parcels. But they aren't sure if they should sell the land now or wait two years. Assume that the partnership agreement specifes that the partners allocate goins on all assets 5026/5036. In your memo to the Rlandolph Real Estote partners, provide an explanation of the tax impllcations to the partners if the partnership sells each parcel. Include on analysh of whot would hoppen if they sell each porcel today, or two years from now