1. Luke and Ryan contribute the following property to the L\&R Partnership: *The land is subject to a debt of $50,000 a. What are the tax consequences to Luke, Ryan and L\&R? 1. Adjusted basis at formation for Luke and Ryan 2. Capital accounts for Luke and Ryan 3. Any gain recognized for either partners or partnership. 4. Tax basis of the assets to the partnership. b. Assume the land has a basis of only $10,000 at the time of contribution, what are the tax consequences to all parties