Contributions of Non-Depreciable Property. Built-In Losses. For purposes of this Problem 2, assume that the land has a basis in Andys hands at the time of contribution of $140 and its fair market value is $100. Under the traditional method, how will the partnership allocate its gain or loss for book and tax purposes if the partnership sells the land for:

(a) $70

(b) $120

(c) $160

Please provide solutions and detailed explanation. Thanks!