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Henrietta transfers cash of $292,800 and equipment with a fair market value of $87,840 (basis to her as a sole proprietor, $35,136 ) in exchange

image text in transcribed Henrietta transfers cash of $292,800 and equipment with a fair market value of $87,840 (basis to her as a sole proprietor, $35,136 ) in exchange for a 40% profit and loss interest worth $380,640. If an amount is zero, enter " 0 ". a. How much are Henrietta's realized and recognized gains? Realized gain: Recognized gain: b. What is the amount of Henrietta's basis in her partnership interest? c. What is the partnership's basis in the contributed equipment? X

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