At the formation of Berry Partnership, Straw contributes land with a basis of $$120,000$ and a fair

market value of $$360,000,$ and Rasp contributes cash of $$360,000.$ Straw and Rasp share prits

and losses equally. When the land is sold two years later for $$600,000,$ Straw must recognize a

gain of how much?

$$360,000$

$$120,000$

$$240,000$

$$480,000$