6. Paul and Pat are forming the P & P Partnership. Paul contributes $120,000 cash and Pat contributes non-depreciable property with an adjusted basis of $90,000 and a FMV of $150,000. The property is subject to a $30,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes, (10 points) a) What is Pat's adjusted basis for her partnership interest immediately after the partnership is formed? b) What is the partnership's adjusted basis for the property contributed by Pat? c) If the partnership sells the property contributed by Pat for $180,000, how is the tax gain allocated between the partners? d) Alternatively, if the partnership sells the property contributed by Pat for $ loo oon how is the tax gain allocated between the partners