Ed contributes land (a capital asset) having a $60,000 adjusted basis and a $100,000 FMV, and Gail contributes $100,000 cash to the EG Partnership. Ed and Gail each receive 50% interests in the partnership. Two years later the partnership sells the land (still a capital asset) for $110,000. What are the amount and character of the EG Partnership’s gain or loss? How much of EG’s gain or loss is allocated to Ed? To Gail? Are the results equitable?