What is the order of priority that should be followed when establishing the year$-$end $($YE$)$ for a partnership?

$$ YE with least aggregate deferral, YE of partners who own a majority interest, YE used by all principle partners

O YE used by all principle partners, YE of partners who own a majority interest, YE with least aggregate deferral

O YE of partners who own a majority interest, YE used by all principle partners, YE with least aggregate deferral

O YE of partners who own a majority interest, YE with least aggregate deferral, YE used by all principle partners

Which line item is separately stated in a partner's share of income or loss from a partnership?

O MACRS depreciation

Section $1245$ income

Section $179$ expensing$$

Current net operating loss

Individual A joins a partnership and contributes a piece of land with a fair market value of $$50,000$ to the partnership.

Individual A$\text{'}$s cost basis for the land is $$20,000.$ Three years later, the land now has a fair market value of $$60,000$ and is distributed to Individual B$.$

What is the tax treatment for Individual B$?$

Individual B recognizes no gain.

Individual B recognizes a $$50,000$ gain.

Individual B recognizes a $$60,000$ post$-$contribution gain.

Individual B recognizes a $$10,000$ post$-$contribution gain.