Guy, Alma, and Kara form the Ivory Partnership. In exchange for a 30% capital interest, Guy transfers property (basis of $200,000; fair market value of $400,000) subject to a liability of $100,000. The liability is assumed by the partnership. Alma transfers property (basis of $350,000; fair market value of $300,000) for a 30% capital interest. Kara invests cash of $400,000 for the remaining 40% capital interest. Concerning these transactions, provide the following information:

a. Guy's recognized gain.

b. Guy's basis in the partnership interest.

c. Alma's recognized loss.

d. Alma's basis in the partnership interest.

e. Kara's basis in the partnership interest.

f. Ivory Partnership's basis in the property transferred by Guy and Alma.