1. Lucy and Benny formed Beard Partnership in 2006. Lucys ownership (P&L %) is 65% and Bennys ownership (P&L %) is 35%. Lucy contributed cash of $90,000 and equipment with FMV of $325,000 and basis of $250,000. Benny contributed land with FMV of $215,000 and adjusted basis of $160,000. The land was used by Benny in his sole proprietorship prior to its contribution to the partnership. Beard Partnership sells the land in 2019 for $2,000,000.(6 Points) a. What is Lucys outside basis in the partnership immediately after formation? b. What is Bennys outside basis in the partnership immediately after formation? c. What amount of gain will be recognized by Benny on the sale of the land in 2019?