During the current year, norman contributed investment property held for over one year to the mary ann partnership for a 40 percent interest in partnership capital and profits. his tax basis in the property contributed was $8,000, and the property had a fair market value of $10,000 on the date of the contribution to the partnership. what gain or loss should norman report as a result of the contribution of the property to the partnership in exchange for the 40 percent partnership interest?