Formation of a Partnership. Suzanne and Bob form the SB General Partnership as equal partners. They make the following contributions: Individual Asset Basis to Partner FMV Suzanne Cash $45,000 $45,000 Inventory (securities) 14,000 15,000 Bob Land 45,000 40,000 Building 50,000 100,000 The SB Partnership assumes the $80,000 recourse mortgage on the building that Bob contributes, and the partners share the economic risk of loss on the mortgage equally. Bob has claimed $40,000 in straight-line depreciation under the MACRS rules on the building. Suzanne is a stockbroker and contributed securities from her inventory. The partnershipwill hold them as an investment. a. What amount and character of gain or loss must each partner recognize on the formation of the partnership? b. What is each partners basis in his or her partnership interest? c. What is the partnerships basis in each asset? d. What is the partnerships initial book value of each asset?