Amanda transfers inventory (adjusted basis $15,000; FMV $50,000) and accounts receivable ($0; $110,000) from her trade and business to the ABC Partnership. The ABC partnership sells the accounts receivable four years after the contribution and sells the inventory six years after the contribution. At the same time she contributes the inventory and accounts receivable, she also contributes land (a capital asset) not used in her business with an adjusted basis of $150,000 and a FMV of $80,000 to the partnership. Four years after the contribution, the partnership sells the land for $70,000. The land is used in the partnerships business. How much gain/loss does Amanda recognize when she transfers property to the partnership? How much gain/loss does the partnership recognize when the assets are sold? What is the character of that gain or loss?