1. For 5 years, Mandy has owned and operated a riverside bakery and caf called Riverboats. The bakery is too small and Mandy spoke to her Landlord Jim about expanding the business. Mandy and Jim spoke to Abe, a real estate developer and he proposed an expansion to Riverboats. Mandy, Jim and Abe would like to be business partners but they are not certain of the type of entity they should form. Mandy and Jim would like to contribute $1,000,000 in cash. In addition, Mandy will contribute bakery equipment and caf furnishings at a value of $500,000. They each agree on a 40% interest in Riverboats. Abe has no money, so will contribute services for an exchange of a salary and 20% interest In Riverboats. ent You are a highly priced accountant. Please suggest the type of pataershity that would best work for the trio. What are the tax consequences of your selection and what issues might arise later in the life of the entity