What income would Tom and Gerry recognize from the sale of U.S. property in their partnership?

When a partnership like the one formed by Tom and Gerry sells U.S. property, the income derived from that sale is typically viewed as U.S. source income. In this scenario, if Tom recognizes $15,000 in U.S. source income from the sale, it implies that this portion of the income is attributable to his share of the partnership's gain. Partnerships normally pass through their income to partners, meaning that each partner recognizes their share of income on their tax returns.

In the context of partnerships and U.S. property sales, it is essential to recognize how the income is divided based on ownership interest or agreement. If only Tom has been assigned a specific amount of the income from the sale, it validates that he is recognizing that much profit from the transaction, and it qualifies as U.S. source income as it pertains to the property situated in the United States.

The other choices suggest varying degrees of income recognition by Gerry or indicate that neither would recognize any income. However, based on the details provided, Tom's recognition of $15,000 is a direct representation of the taxable event occurring in relation to the sale of U.S. property by the partnership.