Hal, Steve,and Lew form a partnership to operate a grocery store. For each of the following contributions by the partners indicate (1) the amount of income or gain recognized, if any by the partner and (2) the partner's basis in the partnership interest immediately after the contribution.

a) Hal contributes property with a basis of $45,000 and subjects to a $75,000 liability to the partnership for a one- third partnership interest worth $105,000. The partnership assumes the liability.

income or gain recognized $__________

his basis in the partnership interest $________

b) Steve contributes property with a basis of 25,000 anda fair market value of 105,000 to the partnership for a one-third partnership interest.

income or gain recognized $__________

his basis in the partnership interest $____________

c) Lew performs services valued at 105,000 for the partnership for his one -third interest in the partnership

income or gain recognized $__________

His basis in the partnership interest $___________