FM originally intended to hold the inventory as investment property. Myers held the land as long-term investment property, but FM will use it in its business as a 1231 asset. Within 30 days of formation, FM collects the receivables. Two years later, FM sells the inventory contributed by Fenton for $231,250 cash. After three years, FM sells the land for $749,250. FM realized the following income in the current year from these transactions: - of $ from collecting cash basis accounts receivable. of $ from sale of inventory. For the land sale, FM recognizes a $ These rule exists to ensure that a partner and partnership. property between themselves and alter the inherent character of the underlying deferred income, gain, loss, or deduction