1 Elsa and Flynn form the EF partnership. Elsa transfers $900,000 cash. Flynn transfers land with a FMV of $1,100,000, a tax basis of $400,000, and subject to a liability of $200,000. The plan is to use Elsa's cash to construct a building on the land. Each member will be responsible for 50% of all partnership debt, including the liability transferred by Flynn. Complete the following steps....INDICATE WHICH PARTNER(S) ARE AFFECTED BY EACH STEP STEP 1: SECTION 1001 EFFECT STEP 2: SECTION 722 BASIS STEP 3: SECTION 723 BASIS STEP 4: SECTION 752 DEEMED RESULT(S) STEP 5: SECTION 722 EFFECT OF SECTION 752 STEP 6: SECTION 731 EFFECT OF SECTION 752 STEP 7: SECTION 733 EFFECT OF SECTION 752