At the beginning of the current year, Ignatio and Bundy formed the IB Partnership by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% interest. Specifically, Ignatio transferred property having a $65,000FMV, a $28,000 adjusted basis, and subject to a $6,000 liability, which the partnership assumed. Bundy contributed $50,000 cash to the partnership. The partnership also borrowed $27,000 from the bank to use in its operations. All liabilities are recourse for which the partners have an equal economic risk of loss. During the current year, the partnership earned $27,000 of net ordinary income and reinvested this amount in new property. Requirement a. What is the partnership's and each partner's gain or loss recognized on the formation of the partnership? (Complete all input fields. Enter a loss with a minus sign or parentheses. If no gain or loss is recognized by a partner or the partnership, enter a 0.)