Assume the partners have an equal economic risk of loss. Wanda, Tim, and Max form the WTM Partnership as equal partners. (Click the icon to view contributions to the partnership.) Read the requirements Requirement a. What are the amount and character of Wanda's recognized gain or loss on the transfer? (Round your answer to the nearest whole dollar. Enter a "0" if no gain or loss is to be recognized. If no gain or loss is recognized, leave the character column blank.) Amount of recognized gain or (loss) Character Recognized gain or loss) Requirement b. What is Wanda's basis in her partnership interest? O A. Wanda's basis in her partnership interest is zero. In addition, no increase to the partnership's basis of the land and building occurs because the gain recognized is due to the release from the liabilities. O B. Wanda's basis in her partnership interest is $300,000. The partnership increases its basis of the land and building by the $360,000 mortgage assumed by the partnership. O C. Wanda's basis in her partnership interest is zero. In addition, the partnership increases its basis of the land and building by the amount of gain recognized by Wanda. O D. Wanda's basis in her partnership interest is the carryover basis of the land and building, $180,000. In addition, no increase to the partnership's basis of the land and building occurs because there was no gain recognized by Wanda on the transfer. Requirement c. What is Tim's basis in his partnership interest? (Round your answer to the nearest whole dollar.) Tim's basis in his partnership interest is Requirement d. What are the amount and character of Max's recognized gain or loss on the transfer? (Round your answer to the nearest whole dollar. Enter a "0" if no gain or loss is to be recognized. If no gain or loss is recognized, leave the character column blank.) Amount of recognized gain or (loss) Character Recognized gain or (loss) Choose from any list or enter any number in the input fields and then continue to the next question. Assume the partners have an equal economic risk of loss. Wanda, Tim, and Max form the WTM Partnership as equal partners. (Click the icon to view contributions to the partnership.) Read the requirements OD. Wanda's basis in her partnership interest is the carryover basis of the land and building, $180,000. In addition, no increase to the partnership's basis of the land and building occurs because there was no gain recognized by Wanda on the transfer. Requirement c. What is Tim's basis in his partnership interest? (Round your answer to the nearest whole dollar.) Tim's basis in his partnership interest is Requirement d. What are the amount and character of Max's recognized gain or loss on the transfer? (Round your answer to the nearest whole dollar. Enter a "0" if no gain or loss is to be recognized. If no gain or loss is recognized, leave the character column blank.) Amount of recognized gain or (loss) Character Recognized gain or (loss) A More Info - X Requirement e. What is Max's basis in his partnership interest? (Round your answer to the nearest whole dollar.) Max's basis in his partnership interest is Requirement f. What is the partnership's basis for each of the contributed properties? Asset Basis Wanda contributes land and a building having a $180,000 adjusted basis and a $720.000 FMV that is subject to a $360,000 mortgage assumed by the partnership. The land and the building originally cost $720.000, with $648,000 allocated to the building and $72,000 allocated to the land. Wanda had claimed $540,000 of straight-line depreciation on the building. Tim contributes cash of $360,000, and Max contributes land (a capital asset) having a $720,000 adjusted basis and a $360,000 FMV. All assets have been held for more than one year. Cash Building Land from Wanda Land from Max Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Assume the partners have an equal economic risk of loss. Wanda, Tim, and Max form the WTM Partnership as equal partners. (Click the icon to view contributions to the partnership.) Read the requirements Requirement a. What are the amount and character of Wanda's recognized gain or loss on the transfer? (Round your answer to the nearest whole dollar. Enter a "0" if no gain or loss is to be recognized. If no gain or loss is recognized, leave the character column blank.) Amount of recognized gain or (loss) Character Recognized gain or loss) Requirement b. What is Wanda's basis in her partnership interest? O A. Wanda's basis in her partnership interest is zero. In addition, no increase to the partnership's basis of the land and building occurs because the gain recognized is due to the release from the liabilities. O B. Wanda's basis in her partnership interest is $300,000. The partnership increases its basis of the land and building by the $360,000 mortgage assumed by the partnership. O C. Wanda's basis in her partnership interest is zero. In addition, the partnership increases its basis of the land and building by the amount of gain recognized by Wanda. O D. Wanda's basis in her partnership interest is the carryover basis of the land and building, $180,000. In addition, no increase to the partnership's basis of the land and building occurs because there was no gain recognized by Wanda on the transfer. Requirement c. What is Tim's basis in his partnership interest? (Round your answer to the nearest whole dollar.) Tim's basis in his partnership interest is Requirement d. What are the amount and character of Max's recognized gain or loss on the transfer? (Round your answer to the nearest whole dollar. Enter a "0" if no gain or loss is to be recognized. If no gain or loss is recognized, leave the character column blank.) Amount of recognized gain or (loss) Character Recognized gain or (loss) Choose from any list or enter any number in the input fields and then continue to the next question. Assume the partners have an equal economic risk of loss. Wanda, Tim, and Max form the WTM Partnership as equal partners. (Click the icon to view contributions to the partnership.) Read the requirements OD. Wanda's basis in her partnership interest is the carryover basis of the land and building, $180,000. In addition, no increase to the partnership's basis of the land and building occurs because there was no gain recognized by Wanda on the transfer. Requirement c. What is Tim's basis in his partnership interest? (Round your answer to the nearest whole dollar.) Tim's basis in his partnership interest is Requirement d. What are the amount and character of Max's recognized gain or loss on the transfer? (Round your answer to the nearest whole dollar. Enter a "0" if no gain or loss is to be recognized. If no gain or loss is recognized, leave the character column blank.) Amount of recognized gain or (loss) Character Recognized gain or (loss) A More Info - X Requirement e. What is Max's basis in his partnership interest? (Round your answer to the nearest whole dollar.) Max's basis in his partnership interest is Requirement f. What is the partnership's basis for each of the contributed properties? Asset Basis Wanda contributes land and a building having a $180,000 adjusted basis and a $720.000 FMV that is subject to a $360,000 mortgage assumed by the partnership. The land and the building originally cost $720.000, with $648,000 allocated to the building and $72,000 allocated to the land. Wanda had claimed $540,000 of straight-line depreciation on the building. Tim contributes cash of $360,000, and Max contributes land (a capital asset) having a $720,000 adjusted basis and a $360,000 FMV. All assets have been held for more than one year. Cash Building Land from Wanda Land from Max Print Done Choose from any list or enter any number in the input fields and then continue to the next