7. The AB partnership has the following income and expenses for the past calendar year: Gross income from business operations 130 Expenses deductible under $162(a 40 Depreciation of Machinery (200% DBB) 30 Charitable Gifts 20 Gain on sale of equipment used in partnership's 30 Business, 20-ordinary income (51245); 10-51231 Gain Short term capital gain on stock sale 10 Interest on Tax exempt bonds 40 Dividends on stock 20 Gain on sale of land held 4 years for investment Purposes 100 A and B are equal partners who use the calendar year as their taxable years. Questions (7.5 points): 1) How will the partnership, A and B report these items? 2) A's adjusted basis for his partnership interest was $20 at the beginning of this taxable year of the partnership. What will his AB be at the end of the year if the partnership makes no distributions to the partners this year