Assume the G&L partnership forms with cash contributions of $$100,000$ each from G and L$.$ The partnership then borrows $$800,000$ on a nonrecourse loan and purchases a building on leased land for $$1,000,000.$ Assume that the building is rented and that annual cash revenues equal cash expenses but depreciation of $$50,000$ per year results in a $$50,000$ annual loss. All items of income, loss, and deduction are shared equally.

When is the first year that the partnership will record Partnership Minimum Gain $($PMG$)?$