Suppose Joe contributes land (basis = $40,000, FMV = $50,000) to a partnership in exchange for a partnership interest and three years later the partnership distributes the land to Susan (at the time of the distribution the lands basis = $40,000, and FMV = $70,000). The land is a capital asset to Joe and the partnership, but an ordinary asset to Susan. Joe and Susan are both partners in the partnership. If Joe owns 25% and Susan owns 60% of the partnership at the time of the distribution, how much gain will Joe have to recognize, what will its character be, what will be Joes basis in his partnership interest, and what is Susans basis in the property (assume Susans basis in the partnership interest before the distribution is $100,000)? Would your answer be any different if Susan only owned 40%? What would your answer be if Susan owned 40% and the FMV at the time of the distribution was only $45,000? What would your answer be if the propertys FMV at the time of the contribution was only $35,000, Susan owned 40% of the partnership, and the FMV at the time of the distribution was only $30,000? What would your answer be if Susan owned 60% of the partnership?