In 2023, Jоhn аnd Letitiа fоrmed Tyler Pаrtnership. Jоhn received a 50% capital and profits interest in exchange for contributing land ($180,000 A/B; $300,000 FMV). Letitia received a 50% capital and profits interest in exchange for contributing $300,000 cash. In 2026, the land contributed by John was sold by the partnership to a third party for $380,000. How much gain will John recognize from the sale?
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