Bonnie contributes land, which she held as inventory $($FMV $473,000$ and AB $516,000),$ in exchange for an interest in the JB Partnership. The partnership holds the land as inventory and sells it three years after formation for $220,000.$ What is the partnership$$s realized gain$/$loss$?$

$($b$)$ What is the character of the gain$/$loss$?$

$($c$)$ What if$,$ instead, the partnership holds the land as an investment? What is the character of the gain$/$loss$?$

$($d$)$ Back to the original facts. What if$,$ instead, Bonnie held the land as an investment? What is the character of the gain$/$loss$?$