Four GRRLs Partneship is owned by four unrelated friends. Lacy holds a 40% interest; each of the others owns 20%. Lacy sells vestment property to the partneship for its fair market value of $200,000. Her basis in the property was $250,000.

a. How much loss, if any, may Lacy recognize?

b. If Four GRRLs later sells the property for $260,000, how much gain must it recognize?

c. How would your answers in (a) and (b) change if Lacy owned a 60% interest in the partnership?

d. If Lacy's basis in the investment property was $120,000 (instead of $250,000) and she was a 60% partner, how much, if any, gain would she recognize on the sale of property to Four GRRs? How is it characterized?