Pam, Tracey, and Jessica form Blue Jay Partnership with the following investment: Consideration Transferred Basis to Fair Market Partnership Transferor Value Interest From Pam- Raw Land (held 3 months) $ 20,000 $ 200,000 25% Business liability 100,000 100,000 From Tracey- IBM common stock (held 11 months) 210,000 100,000 25% From Jessica- Inventory (held 16 months) 120,000 120,000 Business liability 20,000 20,000 25% From Judy Services -0- 100,000 25% All liabilities transferred by partners are assumed by Blue Jay Partnership. a. What, if any, is Pam's recognized gain or loss