I need help answering these questions for class. I did not know how to complete it and running out of time.

48. Denise contributes the following assets to a partnership in exchange for a 25% partnership interest: What is Denise's beginning basis in her partnership interest? Page 14-39 LO 14-1 49. On June 1 of the current year, Patti contributes equipment with a $45,000 basis and a $35,000 FMV in exchange for a partnership interest. She purchased the equipment three years ago. a. What is Patti's basis in her partnership interest? b. What is Patti's holding period of her partnership interest? c. What is the basis of the equipment in the hands of the partnership? d. What is the holding period of the equipment in the hands of the partnership? e. How will the partnership depreciate the equipment in the year of contribution? 52. Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $55,000. In addition to the guaranteed payment, Barry withdraws $10,000 from the partnership. The partnership has $24,000 in ordinary income during the year. a. How much income must Barry report from BK Partnership? b. What is the effect on Barry's partnership basis? 47. Determine the basis of stock in the hands of the shareholder in each of the following instances. Assume that the 80% rule is met in all cases. a. Contribution of property with a basis of $1,000 and an FMV of $1,400. b. Contribution of property with a basis of $3,000 and an FMV of $3,800. The stockholder also received $500 cash from the corporation as part of the stock transaction. c. Contribution of property with a basis of $8,200 and an FMV of $12,500. The stockholder also received property with an FMV of $1,700 from the corporation as part of the stock transaction. Page 15-35 d. Contribution of a building with an FMV of $200,000, a mortgage (assumed by the corporation) of $100,000, and a basis of $125,000. e. Contribution of a building with an FMV of $1,700,000, a mortgage (assumed by the corporation) of $1,000,000, and a basis of $635,000. LO 15-2 48. Using the information from Problem 47, determine the basis of the property contributed in the hands of the corporation in each instance. Assume that the 80% rule is met in all cases. 48. Denise contributes the following assets to a partnership in exchange for a 25% partnership interest. What is Denise's beginning basis in her partnership interest? Basis $20,000 5,000 6,000 $31,000 Cash Office Equipment Auto Partnership Interest 49. Answer: a. Patti's partnership interest would be $45,000, which is what she contributed in equipment. b. Patti's holding period would be three years, which is how long the equipment has been contributed. c. The basis of the property carries over to the partnership (inside basis) which is $45,000. d. The holding period would once again be three years. e) According to our text, for depreciable assets, the partnership assumes the depreciation schedule of the partner at the point of contribution, which in this case is three years. 52. Answer: a. How much income must Barry report from BK Partnership? a. Guaranteed Payment Share of Income Income to Barry $55,000 $12,000 $67,000 b. The effect on Barry's partnership basis would be: Income Withdraw Increase in basis $12,000 - 10,000 $ 2,000 47. a. Contribution of property with a basis of $1,000 and a FMV of $1,400. Answer: $1,000 b. Answer: The stockholder would report a gain of $500 (this would be the lesser of the total gain of $800 and the FMV of the property received of $500). So the basis in stock would be: $3,000 + $500 -$500 = $3,000. c. Answer: The stockholder will have a gain of $1,700. The stockholder's basis in the stock would be $8,200 + $1,700 - $1,700 = $8,200. d. Answer: The stockholder would not report a gain. The debt is not in excess of basis. The stockholder's basis in the stock would be $125,000 - $100,000 = $25,000. e. Answer: In this instance the stockholder would report a gain equal to the excess of assumed debt over the basis in the property. The stockholder gain would be $365,000 and the basis in the stock will be $635,000 + $365,000 - $1,000,000 = $0. 48. 8). a. Answer: $1,000 b. Answer: This would be the carryover basis of $3,000 plus the $500 gain recognized by the stockholder totaling $3,500. c. Answer: This would be the carryover basis of $8,200 plus the $1,700 gain recognized by the stockholder totaling $9,900. d. Answer: $125,000 with no gain to the stockholder. e. Answer: This would be the carryover basis of $635,000 plus the $365,000 gain recognized by the stockholder totaling $1,000,000