D Question 3 1 pts 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, Straw must recognize a gain of how much? $80,000 $240,000 $160,000 $320,000