GP Partnership, a calendar-year partnership, is owned by Grant Gilbert (60%) and Peter Paulson (40%). At the beginning of 2020, Grant's basis in his GP Partnership interest was $480,000 and Peter's basis in his GP Partnership interest was $320,000. During 2020, GP Partnership had the following items of income and (expense): Gross receipts from sales Cost of goods sold Long-term capital gain Tax-Exempt Interest Advertising expenses MACRS Depreciation Office expenses Charitable Contribution Qualified dividends income Rent expenses Salaries 2,500,000 (1,200,000) 45,000 7,000 (128,000) (428,000) (75,000) (11,000) 30,000 (109,000) (286,000) In addition to the above items, GP Partnerships liabilities decreased by $60,000. Please show your work and explain your calculation for the following questions. a) What is GP Partnerships 2020 ordinary business income or loss and how much of the ordinary income or loss is allocated to Grant and Peter? b) What items of income and expense must GP Partnership separately report and what is Grant and Peter's allocable share of the separately stated items? c) What are Grant's and Peter's outside bases in their GP Partnership interests at the end of 2020