Ray contributed land with a basis to him of $10,000 and a FMV of $20,000 to a partnership in exchange for a 30% partnership interest. the partnership sold the land for $21,000 to an unrelated party. What amount of gain from the sale should be allocated to partner Ray from the sale of the land? O A) $9,700 O B) $10,300 OC) $3,300 J O D) $11,000 &

Ray contributed land with a basis to him of $10,000 and a FMV of $20,000 to a partnerulp in exchange for a acon partnershis interest. the parthorship soid the land for $21,000 to an unrelated party. What arnount of gain from the sale shoold be allocated to parther pay from the sale of the land? (4) $9,700 510,300 53,300 D) 512.000