On January 1 , 2019 Lenny contributed a piece of land with a fair market value of $100,000 and a tax basis of $120,000 for an 80 % interest in XYZ General Partnership . On this date , Robin contributed $25,000 for a 20 % interest in XYZ . The partnership agreement provides that all profits and losses are allocated 80 % to Lenny and 20 % to Robin , except for pre contribution gains and losses. On January 1, 2020 , the land is sold for $70,000 . How must XYZ allocate the loss between Lenny and Robin ?