2. Bruce, John, and Laura form a general partnership to conduct a plumbing business and agree to share all profits and losses equally. All three partners are skilled plumbers and will perform services as co-proprietors in the new partnership. Bruce, the partner with the most liquid assets, will contribute $10,000 in cash. John, who previously conducted his plumbing business as a sole proprietor, contributes $5,000 of zero-basis accounts receivable and $5,000 worth of equipment with a $1,000 basis. Laura, who previously worked for her father before his retirement last year, contributes a truck and items of inventory (bathtubs, sinks, etc.). The truck has an adjusted basis of $2,000 and a fair market value of $9,000. Because they are leftovers from a previous job and will be difficult to sell, the inventory has a basis of $4,000, but is worth only $1,000. Assume the partnership will compute its income on the cash-method of accounting. a. What are the basic tax consequences to Bruce, John, Laura, and the partnership from these contributions? Indicate the inside and outside tax basis, capital accounts, and book value of assets. b. Assume the partnership earns $90,000 in cash (income) the first year, and distributes $20,000 cash to each partner. You can assume the profits are allocated equally to all partners. Show inside tax basis and book basis of assets, and outside tax basis and capital accounts of the partners. Do inside and outside tax basis match? c. How does your answer in 2(a) differ if Lauras truck has a fair market value of $12,000 but is subject to a liability of $3,000 that the partnership will assume. You can assume the debt is shared equally by the partners.