At the formation of Berry Partnership, Straw contributes land with a basis of $80,000 and a fair market value of $240,000, and Rasp contributes cash of $240,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $400,000, Rasp must recognize a gain of how much?

Group of answer choices

$320,000

$240,000

$80,000

$160,000