Doris, Edie & Frank agree to the formation of a general partnership (DEF) in which each will have the same one-third interest in the partnership's capital and profits/losses. Doris will contribute Property #1 with a FMV of $673,000 and an AB of $235,000. Property #1 is also encumbered by a $373,000 liability. Assume that the liability is a nonrecourse liability. Edie contributes $300,000 of cash and Frank contributes $200,000 of cash. a) Prepare a "four-column" balance sheet reflecting (i) the partnership's basis in the assets it receives (inside basis), (ii) the partnership's book capital account balances for each of the assets, (iii) each partner's book capital account balance and (iv) each partner's basis in their partnership interest (outside basis). b) What is each partners' share of the nonrecourse liability that was included in the computation of their outside basis? c) What is the amount of gain or loss, if any, that each partner must recognize as a result of the above transactions? d) How would your answer to parts (a) and (c), above, change (if at all), if the liability encumbering Property #1 was recourse?