on January 1 of the current year partner X contributed a building with an adjusted basis of $24,000 and an fmv of 32000 to a partnership partner Y contributed $32,000 cash The agreement states that each partner may have A capital account of $32,000 and that all income will be split evenly later the building partner X contributed was sold for $40,000 how much of this gain is allocated to partner ask for tax purposes