Ann, Giani and Mary are all accomplished dentists operating as sole proprietorships.They have decided to to join forces, combine their practices and form the AGM Dental Partnership. They will contribute cash, equipment (some with notes payable attached) and services.They want to go with a regular partnership, not limited or LLC. How is the transfer of assets (with and without notes), cash and possibly some services impact the partnership basis and their basis.They will split profits and losses equally, do they need to be concerned about any income, losses, or deductions?