Alpha, Beta, and Gamma form the ABG partnership by transferring the following to the partnership:

Alpha $10,000 cash and machinery valued at $20,000 with a basis of $15,000.

Beta Land valued at $30,000 with a basis of $35,000.

Gamma Cash of $20,000 and services valued at $10,000.

1.Determine the tax consequences of these transfers to Alpha, Beta, and Gamma.

2.Identify each of their bases in their partnership interests.

3.What basis does the partnership have in each of the properties transferred to it?