When Michigan Development LLC was formed, Marie contributed land (value of $1,800,000 and basis of $600,000), and Craig contributed cash of $1,000,000 and mineral rights (value of $800,000 and basis of $720,000). Both partners received a 50% interest inpartnership profits and capital.

a. How is the land recorded for 704(b) book capital account purposes? $

b. What is Troy Development's tax basis in the land? $

c. If Troy Development sells the land five years later for $2,500,000. What is Marie's recognized gain?