Data Table Basis Partnership Individual Asset to Partner FMV Interest Ainsley Cash 60,000 $ 60,000 20% Ben Accounts receivable 15,000 5% Colby Office equipment 55,000 60,000 20% Dale Land 130,000 75,000 25% Eamon Building 20,000 200,000 20% Frisco Services ? 30,000 10%More Info Ben contributes accounts receivable from his proprietorship, which uses the cash method of accounting. Colby uses the ofce equipment in a small business he owns. When he joins the partnership, he sells the remaining business assets to an outsider. He has claimed $3,000 of MACRS depreciation on the oice equipment. The partnership assumes a $140,000 mortgage on the building Eamon contributes. Eamon claimed $5,000 of straight-line MACRS depreciation on the commercial property. Frisco, an attorney, drew up all the parhtership agreements and led the necessary paperwork. He receives a full 10% capital and profits interest for his services. Requirements 3. How much gain, loss, or income must each partner recognize as a result of the formation? b. How much gain, loss, or income must the partnership recognize as a result of the formation? c. What is each partner's basis in his partnership interest? d. What is the partnership's basis in its assets? e f. . What is the partnership's initial book value of each asset? What eects do the depreciation recapture provisions have on the property contributions? g. How would your answer to Part a change if Frisco received only a prots interest? h. What are the tax consequences to the partners and the partnership when the partnership sells for $53,000 the land contributed by Dale? Prior to the sale, the partnership held the land as an investment for two years. On May 31, six brothers decided to form the Garrison Brothers Partnership to publish and print children's stories. The following other information about the contributions may be of interest: The contributions of the brothers and their partnership interests are listed below. They share the economic risk of i (Click the icon to view the other information.) loss from liabilities according to their partnership interests. Eff (Click the icon to view the contributions.) Read the requirements. years. Begin by showing any pre- and postcontribution gains or losses for each of the partners. (Complete all answer boxes. Enter a loss with a minus sign or parentheses. Enter a "0" for any zero balances.) Precontribution Postcontribution Individual Gain (Loss) Gain (Loss) Ainsley Ben Colby Dale Eamon Frisco Total