On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC are as follows. FM originally intended to hold the inventory as investment property. Myers held the land as long-term investment property, but FM will use it in its business as a $1231 asset. Within 30 days of formation, FM collects the receivables. Two years later, FM sells the inventory contributed by Fenton for $306,250 cash. After three years, FM selis the land for $992,250. FM realized the following income in the current year from these transactions: - of $ from collecting cash basis accounts receivable. - of $ from sale of inventory. For the land sale, FM recognizes a \$ These rules exist to ensure that a partner and partnership property between themselves and aiter the inherent character of the underlying deferred income, gain, loss, or deduction