HELP B&C

Question 1 Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $10,000 of cash and land with an FMV of $55,000. Her basis in the land is $20,000. Andrew contributes equipment with an FMV of $12,000 and a building with an FMV of $33,000. His basis in the equipment is $8,000, and his basis in the building is $20,000. a) How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew? $0. In the event that partnerships receive contributed appreciated property, no gain is recognized. At the time the asset is sold, the built-in gain or loss will be disclosed. The partnership's basis in the purchased property is a carryover basis to assure this outcome. b) How much gain must Sue recognize? c) How much gain must Andrew recognize