1. Hayden and Jan (both individuals) formed Savage Partnership in 2019. Haydens ownership (P/L%) is 70% and Jans ownership (P/L% ) is 30%. Hayden contributed real property (land) with FMV of $350,000 and basis of $475,000. Jan contributed cash of $80,000 and equipment with FMV of $70,000 and basis of $20,000. In 2023 the partnership sells the real property (land) for $200,000. (6.5 points)

a. What is Haydens outside basis in the partnership immediately after formation?

b. What is Jans outside basis in the partnership immediately after formation?

c. What is the amount of gain/loss that will be recognized by Hayden and Jan upon the sale of the land in 2023?