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 Last year, Sylvia contributed land with a(n) $2,000 basis and a(n) $8,000 FMV in exchange for a(n) 40% profits, loss, and capital interest in the SQ Partnership

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 Last year, Sylvia contributed land with a(n) $2,000 basis and a(n) $8,000 FMV in exchange for a(n) 40% profits, loss, and capital interest in the SQ Partnership. Quinn contributed land with a(n) $9,000 basis and a(n) $12,000 FMV for the remaining 60% interest in the partnership. During the current year, SQ Partnership reported $8,500 of ordinary income and sold the land that Sylvia contributed for $11,000, thereby producing a taxable long-term capital gain of $9,000 ($11,000-$2,000). Requirement What income or gain must Sylvia and Quinn report from the SQ Partnership in the current year? HERE What income or gain must Sylvia report from the SQ Partnership in the current year? Income type Amount Total income - Sylvia