On January 1, 2018 Jeff and Robert formed the Jeff and Robert Partnership. They made the following contributions to form the partnership: Adjusted Basis Fair Market Values Contributed by Jeff:...

Extracted text: On January 1, 2018 Jeff and Robert formed the Jeff and Robert Partnership. They made the following contributions to form the partnership: Adjusted Basis Fair Market Values Contributed by Jeff: Accounts Receivable $ 0- $ 20,000 Land Used as a Parking Lot 12,000 50,000 Inventory 25,000 50,000 Contributed by Robert Cash 120,000 120,000 The parking lot had been held for nine months at the date of contribution. Within thirty days of the formation, the inventory for $50,000 cash. The partnership used the land for the next ten months as a parking lot then sells it for $35,000 cash. partnership collected the receivables and also sells Question: Determine the amount of income or gain, if any, that the partnership would realize from the above transactions. SHOW ALL COMPUTATIONS