Annie, Betty, and Carla formed the ABC partnership. They contributed the following assets.

Annie contributed cash of $20000 and services valued at $60000. Betty contributed land with a basis of $50000 and FMV of $105000. Attached to the land is a mortgage of $40000 assumed by the partnership.

Betty received cash of $5000.

Carla contributed inventory with a basis of $10000 and FMV of $20000. She also contributed a building with a basis of $30000 and a FMV of $60000. Attached to the building is a mortgage of $20000 assumed by the partnership.

Annie owns 40% of the partnership and Betty and Carla each own 30% of the partnership.

For each partner answer the following;

How much is recognized gain?

How much is each partner's basis in the partnership?

What is the partnership's basis in the assets contributed?