In 2022, Oscar and Andy pooled their resources to form Feline\& Canine Partnership. They will both work actively in the business and they have agreed to share profits and losses 50-50. To form this partnership, Oscar contributed manufacturing equipment with a FMV of $1,000,000 and a basis of $100,000. Andy contributed $400,000 of cash and land with a fair market value of $800,000 and a basis of $500,000. The equipment contributed by Oscar was not encumbered by debt. The land contributed by Andy had a $200,000 mortgage (qualified nonrecourse debt) which was assumed by FELINE\&CANINE Partnership. c. In 2023, FELINE\&CANINE Partnership sold the land (originally contributed by Andy) for $900,000. Determine the amount of gain to be allocated to Oscar and to Andy. In 2022, Oscar and Andy pooled their resources to form Feline\& Canine Partnership. They will both work actively in the business and they have agreed to share profits and losses 50-50. To form this partnership, Oscar contributed manufacturing equipment with a FMV of $1,000,000 and a basis of $100,000. Andy contributed $400,000 of cash and land with a fair market value of $800,000 and a basis of $500,000. The equipment contributed by Oscar was not encumbered by debt. The land contributed by Andy had a $200,000 mortgage (qualified nonrecourse debt) which was assumed by FELINE\&CANINE Partnership. c. In 2023, FELINE\&CANINE Partnership sold the land (originally contributed by Andy) for $900,000. Determine the amount of gain to be allocated to Oscar and to Andy