b) (5 points) What income and expense items must GP Partnership separately state, and what is Grant and Peter's allocable share of the separately stated items? c) (6 points) What are Grant's and Peter's outside bases in their GP Partnership interests at the end of 2022 ? Question 2 (16 points) GP Partnership, a calendar-year partnership, is owned by Grant Gilbert (70\%) and Peter Paulson (30\%). At the beginning of 2022, Grant's basis in his GP Partnership interest was $400,000, and Peter's basis in his GP Partnership interest was $250,000. During 2022, GP Partnership had the following items of income and (expense): In addition to the above items, GP Partnership's liabilities decreased by $60,000. Please show your work and explain your calculation for the following questions. a) (5 points) What is GP Partnership's 2022 ordinary business income or loss, and how much of the ordinary income or loss is allocated to Grant and Peter? b) (5 points) What income and expense items must GP Partnership separately state, and what is Grant and Peter's allocable share of the separately stated items? c) (6 points) What are Grant's and Peter's outside bases in their GP Partnership interests at the end of 2022 ? Question 2 (16 points) GP Partnership, a calendar-year partnership, is owned by Grant Gilbert (70\%) and Peter Paulson (30\%). At the beginning of 2022, Grant's basis in his GP Partnership interest was $400,000, and Peter's basis in his GP Partnership interest was $250,000. During 2022, GP Partnership had the following items of income and (expense): In addition to the above items, GP Partnership's liabilities decreased by $60,000. Please show your work and explain your calculation for the following questions. a) (5 points) What is GP Partnership's 2022 ordinary business income or loss, and how much of the ordinary income or loss is allocated to Grant and Peter