7. Suzanne and Bob form the SB General Partnership as equal partners. They make the following contributions: 1(Click the icon to view the contributions.) The SB Partnership assumes the $80,000 recourse mortgage on the building that Bob contributes, and the partners share the economic risk of loss on the mortgage equally. Bob has claimed $40,000 in straight-line depreciation under the MACRS rules on the building. Suzanne is a stockbroker and contributed securities from her inventory. The partnership will hold them as an investment. Read the requirements? Requirement a. What amount and character of gain or loss must each partner recognize on the formation of the partnership? (Complete all answer boxes. If no gain or loss is recognized by a partner, enter a "0" in the Amount column and select "N/A" in the Character column.) Individual Suzanne Bob Amount Character (1) (2) Requirement b. What is each partner's basis in his or her partnership interest? Basis in Individual Partnership Interest Suzanne Bob Requirement c and d. What is the partnership's basis in each asset? What is the partnership's initial book value of each asset? Asset Partnership's Basis in Asset Initial Book Value of Asset Cash Inventory Land Building