Charley and Caroline form the MMM General Partnership as equal partners. They make the

following contributions:

Caroline contributes cash with a basis of $50,000 and a FMV of $50,000; she also contributes securities with a basis of $20,000 and a FMV of $25,000

Charley contributes land with a basis of $55,000 and a FMV of $65,000; he also contributes a Building with a basis of $70,000 and a FMV of $120,000

The MMM Partnership assumes the $80,000recourse mortgage on the building that Charley contributes and the partners share the economic risk of loss on the mortgge equally

What is the amount and character of gain or loss that each partner wil recognize on the formation of the partnership?

What is each partners basis in their respective partnership interest?