Amy and Gavin form the AG partnership. At the beginning of the partnership, Amy contributed property with a FMV of $35,000 and an adjusted basis of $30,000, as well as $5,000 cash to the partnership.At the beginning of the partnership, Gavin contributed cash in the amount of $5,000 and personally secured debt of $30,000. a.Calculate the basis for both Gavin and Amy at the beginning of the partnership. b.Per the partnership agreement, Amy is guaranteed a yearly payment of $75,000. After the guaranteed payment, Amy and Gavin agree to split the partnership earnings equally. If the partnership generates income of $100,000 before guaranteed payments at the endof the first year, what share of income do both Gavin and Amy receive. c.Assume the partnership also had $2,000 of capital gain. Compute the basis for both Gavin and Amy at the end of the first year.