help please

At the beginning of the current year, Barry and Irving formed the Bl Partnership by transferring cash and property to the partners having a $55,000 FMV, a $40,000 adjusted basis, and subject to a $15,000 liability, which the partnership assumed Irving contri operations. All liabilities are recourse for which the partners have an equal economic risk of loss. During the current year, the par Read the requirements. Requirement a. What is the partnership's and each partner's gain or loss recognized on the formation of the partnership? (Comp Amount of - X Gain or Loss 0 Requirements Barry Irving a. What is the partnership's and each partner's gain or loss recognized on the Partnership formation of the partnership? b. What is each partner's basis in his or her partnership Interest at the end of the current year? c. For the partnership, prepare a tax and book balance sheet at the end of the current year. d. Assume instead that Barry and Irving formed a corporation rather than a partnership. What is the corporation's and each shareholder's gain or loss recognized on the formation of the corporation? What is each shareholder's basis in his or her stock at the end of the current year? Enter any number in the edit fields ar Print Done p by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% Interest Specifically, Barry transferred property ability, which the partnership assumed Irving contributed $45,000 cash to the partnership. The partnership also borrowed $24,000 from the bank to use in sts nomic risk of loss. During the current year, the partnership earned $29,000 of net ordinary income and reinvested this amount in new property ognized on the formation of the partnership? (Complete all answer boxes. If no gain or loss is recognized by a partner or the partnership, enter a "o") - - X deach partner's gain or loss recognized on the 2 in his or her partnership Interest at the end of the a tax and book balance sheet at the end of the and Irving formed a corporation rather than a poration's and each shareholder's gain or loss in of the corporation? What is each shareholder's the end of the current year? Print Done At the beginning of the current year, Barry and Irving formed the Bl Partnership by transferring cash and property to the partners having a $55,000 FMV, a $40,000 adjusted basis, and subject to a $15,000 liability, which the partnership assumed Irving contri operations. All liabilities are recourse for which the partners have an equal economic risk of loss. During the current year, the par Read the requirements. Requirement a. What is the partnership's and each partner's gain or loss recognized on the formation of the partnership? (Comp Amount of - X Gain or Loss 0 Requirements Barry Irving a. What is the partnership's and each partner's gain or loss recognized on the Partnership formation of the partnership? b. What is each partner's basis in his or her partnership Interest at the end of the current year? c. For the partnership, prepare a tax and book balance sheet at the end of the current year. d. Assume instead that Barry and Irving formed a corporation rather than a partnership. What is the corporation's and each shareholder's gain or loss recognized on the formation of the corporation? What is each shareholder's basis in his or her stock at the end of the current year? Enter any number in the edit fields ar Print Done p by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% Interest Specifically, Barry transferred property ability, which the partnership assumed Irving contributed $45,000 cash to the partnership. The partnership also borrowed $24,000 from the bank to use in sts nomic risk of loss. During the current year, the partnership earned $29,000 of net ordinary income and reinvested this amount in new property ognized on the formation of the partnership? (Complete all answer boxes. If no gain or loss is recognized by a partner or the partnership, enter a "o") - - X deach partner's gain or loss recognized on the 2 in his or her partnership Interest at the end of the a tax and book balance sheet at the end of the and Irving formed a corporation rather than a poration's and each shareholder's gain or loss in of the corporation? What is each shareholder's the end of the current year? Print Done