Jim, one of two equal partners of the JJ Partnership, a general partnership, contributed business property with an adjusted basis to him of $15,000 and a fair market value of $10,000 to the JJ Partnership. Jims capital account was credited with $10,000. The property later was sold for $12,000. As a result of this sale, how much gain or loss must Jim report on his personal income tax return? 2. On January 2, 2015, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2015, the partnership sold the securities for $130,000. How much gain will be allocated to Lodge ? 3.Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2014, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2014 federal income tax return, Malcolm should report income in the amount and character of: a. $36,000 long-term capital gain. b. $36,000 short-term capital gain. c. $36,000 ordinary income. d. $18,000 long-term capital gain. e. $18,100 ordinary income