Brad, Otis, and Andrea form Teal Partnership with the following investment:

Consideration Transferred

From Brad-

Land-capital asset	Basis to Transferor	Fair Market Value	Partnership Interest
(held 9 months)	$ 10,000	$ 200,000	25%
Business liability From Otis-	100,000	100,000
Equipment(held 2 years)	210,000	110,000	25%
Business liability From Andrea-	10,000	10,000
Inventory (held 16 months)	240,000	300,000
Business liability	100,000	100,000	50%

All liabilities transferred by partners are assumed by Teal Partnership. Profits and losses are shared in accordance with their ownership interest.

1. What, if any, is Brad's recognized gain or loss?

2. What is Brad's basis in the Teal Partnership?

3. What is Brad's holding period in his partnership interest?

4. What is Teal Partnership's basis in the land?

5. How much gain or loss must Otis recognize?

6. What is Otis's basis in the Teal partnership?

7. What is Teal Partnership's basis in the equipment?

8. What is Otis's holding period in his partnership interest?

1. What, if any, is Andrea's recognized gain or loss?

10. What is Andrea's basis in the Teal Partnership?

k. What is Andrea's holding period in her partnership interest?