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| Gladys Peel owns an 80% interest in the capital and profits of the partnership of Peel & Poe. On July 1, 2012, Peel bought surplus land from the partnership at the land’s fair market value of $10,000. The partnership’s basis in the land was $16,000. For the year ended December 31, 2012, the partnership’s net income was $94,000 after recording the $6,000 loss on the sale of land. Peel’s distributive share of ordinary income from the partnership for 2012 was A. $70,400 B. $78,200 C. $80,000 D. $75,200 |