Abigail and Beatrice were equal members of the Stump Town Investors, LLC. They formed the entity a few years ago with equal cash contributions. On January 1 of the tax year Clay acquired a 1/3 interest in the company by contributing some land he had held as an investment. Clay had purchased the land five years ago for $75,000 and its fair market value at the time of contribution was $90,000. No special allocations were in effect before or after Clay was admitted to the LLC. Stump Town LLC holds all land for investment purposes.

On June 1 of the same tax year, Stump Town, LLC sells the land that was contributed by Clay for $99,000. It is the only transaction of Stump Town, LLC for the entire tax year. What is the amount of recognized gain and how is it allocated and apportioned to each of the partners. Show your calculations.