6. At the beginning of the current year, Able and Baker formed the AB by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% interest. Specifically, Able transferred property $50,000 FMV, a $30,000 adjusted basis, and to a S10,000 liability, which the partnership assumed. Baker contributed $40,000 cash to the partnership. The partnership also borrowed from the bank to use in its operations. All liabilities are recourse for which the partners have an equal economic risk of loss. During the current year, the partnership earned S24,000 of net ordinary income and this amount in new property. a. What is the partnership's and each partner's gain or loss recognized on the formation of the partnership? b. What is each partner's basis in his or her partnership interest at the end of the current year