QUESTION 8 During formation of Mountaineer Partnership, Sam contributed land with an adjusted basis of $250,000 in exchange for a 25% Interest in Mountaineer The FMV of the land was $300,000 and the land was encumbered by a $120,000 mortgage. What amount of GAIN should Sam RECOGNIZE from contributing the land to the partnership? 50 O $12,500 O $50,000 O $120,000