1. Peter transfers a piece of land to Partnership PAT for a partnership interest, The land had an adjusted basis in Peters hands of $25 and a fair market value of $100. Peter bought the land 3 years ago. Peter receives a capital account in PAT of $100 and a 5% profits interest. PAT has no liabilities at the time of the transfer.

1) If Peter recognizes gain or loss on the receipt of the partnership interest indicate the amount. If not, enter none.

2) What is Peters adjusted outside basis in the partnership interest he receives? Enter the amount

3) What is Peter's holding period in the partnership interest?

4) If PAT recognize gain or loss on the transfer enter the amount, if not enter none.

5) Enter the amount of PATs adjusted basis in the land.

6) Enter PAT's holding period in the land.