On July 1 of the current year, Amaya was admitted to the partnership of Peters and Parker. Her contribution to capital consisted of 500 shares of stock in Paniculata Corporation, which she bought in 2016 for $10,000 and which had a fair market value of $50,000 on July 1 of the current year. Amaya's interest in the partnership's capital and profits is 25 percent. On July 1 of the current year, the fair market value of the partnership's net assets (after Amaya was admitted) was $200,000. What is Amaya's taxable gain in the current year on the exchange of stock for her partnership interest? a. $40,000 long-term capital gain O b. $40,000 Section 1231 gain c. $0 gain or loss O d. $40,000 ordinary income B Y H 9 8 N 10- DDDD K M P CTM T Previous Pollen tomorrow DEL SPACE ENTER 16) HOME Next NUM LOCK 7 3:47 PM 11/9/2023