At December 31, 2011, Alan and Baker were equal partners
in a partnership with net assets having a tax basis and fair market
value of $100,000. On January 2, 2012, Carr contributed securities
with a fair market value of $50,000 (purchased in 2010 at a
cost of $35,000) to become an equal partner in the new firm of
Alan, Baker, and Carr. The securities were sold on December 15,
2012, for $47,000. How much of the partnership’s capital gain
from the sale of these securities should be allocated to Carr?