9-21 only

J and G will share profits and losses equally. a. Calculate each partner's realized and recognized gain or loss. b. Calculate each partner's basis in his or her partnership interest. c. Calculate the partnership's basis in each asset. 9-21 Formation-No Liabilities. The A-E Partnership is being formed by five individials who each contribute assets in exchange for a 20% capital and profit/loss interest. Calculate the following for each partner: (1) recognized gain or loss, (2) each partner's basis in his or her partnership interest, (3) the partnership's basis for each asset, and (4) the holding period of the partnership interest for the partner and the asset for the partnership. Assume all contributed assets will be used in the partnership's trade or business. a. A contributes business furniture with a market value of $10.000. The furnitare cost $16,000 when purchased four years ago, and A 's adjusted basis in the furniture is $5,000. b. B contributes business equipment with a market value of $10,000. The equip-ment cost $20,000 when purchased two years ago, and B 's adjusted basis in the equipment is $12,000. c. C contributes business inventory with a market value of $10.000. The inventory cost $9,000 when purchased 16 months ago. d. D and E contribute $10.000 cash each. 9.22 Fomation-Liabilities. Refer to Problem 9.21. but assume that D and E made the following contributions instead of cash. How do these new facts change your answers for each partner? a. D contributes land with a market value of $16,000. The land was acquired 10 months ago for $9,000 cash and a $6,000 note payable (recourse debt). The -6.000 rote payable is also transferred to the partnership. s land with a market value of $18,000. E received the land three a gift f