In the current year, Louis and Jan formed an equal partnership. Louis contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Louis also contributed $50,000 cash to the partnership. Jan contributed Equipment with an adjusted basis of $80,000/Fair market value of $220,000. Jan also contributed services to the partnership (value of $30,000). For their contributions, each partner received a 50% interest in the Partnership (valued at $250,000). Required: a) How much income/gain does Louis recognize as a result of this transaction b) How much income/gain does Jan recognize as a result of this transaction c) What is the Partnership inside basis of the equipment