ART DODGER RECEIVED A 5% INTEREST IN ABC ASSOCIATES, A PARTNERSHIP FORMED TO MANAGE A SHOPPING CENTER.THE INTEREST IS CONTINGENT UPON ART'S ABILITY TO OBTAINTENANTS. THE PARTNERSHIP'S ASSETS WAS$ 1,200,000 AND DEBT WAS$ 1,000,000AT THAT POINT. WHAT IS THETAX EFFECT TO THE PARTNERSHIP AND TO ART DODGER IF:

ART DOD ER OBTAINED THE EQUITY INTEREST IMMEDIATELY?

ART DODGER DID NOT OBTAIN AN EQUITY INTERESTIMMEDIATELY AND DOES NOT MAKE A CODE SECTION 83 (B) ELECTION?

ART DODGER DOES MAKE A CODE SECTION 73(B) ELECTION?