Carina D’Pond, Lester Forest, and Daniel Mulligan share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2021, D’Pond, Forest, and Mulligan form the Par Partnership, a general partnership. Par’s main product will be a perimeter-weighted titanium driver with a patented graphite shaft. All three partners plan to actively participate in the business. The partners contribute the following property to form
Par:
Partner Contribution
Carina D’Pond Land, FMV $460,000
Basis $460,000, Mortgage $60,000
Lester Forest $400,000
Daniel Mulligan $400,000
Carina had recently acquired the land with the idea that she would contribute it to the newly formed partnership. The partners agree to share in profits and losses equally. Par elects a calendar year-end and the accrual method of accounting.
In addition, Par received a $1,500,000 recourse loan from Huge Bank at the time the contributions were made. Par uses the proceeds from the loan and the cash contributions to build a state-of-the-art manufacturing facility ($1,200,000), purchase equipment ($600,000), and produce inventory ($400,000). With the remaining cash, Par invests $45,000 in the stock of a privately owned graphite research company and retains $55,000 as working cash. Par operates on a just-in-time inventory system so it sells all inventory and collects all sales immediately. That means that at the end of the year, Par does not carry any inventory or accounts receivable balances. In 2021, Par has the following operating results:
Sales $ 1,126,000
Cost of goods sold 400,000
Interest income from tax-exempt bonds 900
Qualified dividend income from stock 1,500
Operating expenses 126,000
Depreciation (tax)
§179 on equipment $39,000
Equipment 81,000
Building 24,000 144,000
Interest expense on debt 120,000
The partnership is very successful in its first year. The success allows Par to use excess cash
from operations to purchase $15,000 of tax-exempt bonds (you can see the interest income
already reflected in the operating results). The partnership also makes a principal payment on
its loan from Huge Bank in the amount of $300,000 and a distribution of $100,000 to each of
the partners on December 31, 2021.

The partnership continues its success in 2022 with the following operating results:
Sales $ 1,200,000
Cost of goods sold 420,000
Interest income from tax-exempt bonds 900
Qualified dividend income from stock 1,500
Operating expenses 132,000
Depreciation (tax)
Equipment $147,000
Building 30,000 177,000
Interest expense on debt 96,000
The operating expenses include a $1,800 trucking fine that one of their drivers incurred for
reckless driving and speeding and meals expense of $6,000 (the meals were not provided by
a restaurant).
Par has not purchased or sold any equipment since its original purchase just after formation.
a. Determine each partner’s recognized gain or loss upon formation of Par.
b. What is each partner’s initial tax basis in Par on January 2, 2021?
c. Prepare Par’s opening tax basis balance sheet as of January 2, 2021.
d. Using the operating results, what are Par’s ordinary income and separately stated items for 2021 and 2022? What amount of Par’s income for each period would each of the partners receive?
e. Using the information provided, prepare Par’s page 1 and Schedule K to be included with its Form 1065 for 2021. Also, prepare a Schedule K-1 for Carina.
f. What is Carina’s, Lester’s, and Daniel’s bases in their partnership interest at the end
of 2021 and 2022?

This is all I have on the assignment. I am not sure what additional information is needed. Please help me at your earliest.