The following information pertains to property contributed by Gray on July 1, 2015, for 40% interest in the capital and profits of Kag & Gray, a partnership: As of June 30,2015 Adjusted basis: $24,000 Fair market value: $30,000 After Grays contribution, Kag &Gray's capital totaled $150,000. What amount of gain was reportable in Gary's 201 return on the contribution of property to the partnership?

The following information pertains to property contributed by Gray on July 1, 2015, for 40% interest in the capital and profits of Kag & Gray, a partnership: As of June 30,2015 Adjusted basis: $24,000 Fair market value: $30,000 After Grays contribution, Kag &Gray's capital totaled $150,000. What amount of gain was reportable in Gary's 201 return on the contribution of property to the partnership?

The following information pertains to property contributed by Gray on July 1, 2015, for 40% interest in the capital and profits of Kag & Gray, a partnership:
As of June 30,2015
Adjusted basis: $24,000
Fair market value: $30,000
After Grays contribution, Kag &Gray's capital totaled $150,000. What amount of gain was reportable in Gary's 201 return on the contribution of property to the partnership?






a. $0
b. $6,000
c. $30,000
d. $36,000



Answer: A