! Required information [The following information applies to the questions displayed below.] Cosmo contributed land with a fair market value of $490,000 and a tax basis of $131,250 to the Y Mountain partnership in exchange for a 30 percent profits and capital interest in the partnership. The land is secured by a $177,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain partnership does not have any liability. (Leave no answer blank. Enter zero if applicable.) a. How much gain will Cosmo recognize from the contribution? Gain recognized