b. What amount and characte Ul l return? Basis n Parnership Interest. What is Kelly's basis for her partnership interestin eack the following independent situations? The partners share the economic risk of loss fr recourse liabilities according to their partnership interests. 939 a. Kelly receives her 20% partnership interest for a contribution of prope rty havin S14,000 basis and a $17,000 FMV. The partnership assumes her $10,000 recourse ability but has no other debts b, Kelly receives her 20% partnership interest as a gift from a friend. The friend's ba without considering partnership liabilities) is $34,000. The FMV of the interest i the time of the gift is $36,000. The partnership has liabilities of $100,000 when Ke receives her interest No gift tax was paid with respect to the transter. c. Kelly inherits her 20% interest from her mother Her mother's basis was $140,00 The FMV of the interest is $120,000 on the date of death and $160,000 on nate valuation date. The executor chooses the date of death for valuing partnership has no liabilities. the alte te. the esta