Individuals A, B, and C formed a general partnership with each having a 1/3rdinterest in partnership profits, losses, and capital.The partners' contributions were as follows:

A contributed cash of $3,000, accounts receivable that had an FMV and tax basis of $11,000, equipment with an FMV of $60,000, that was subject to a $24,000 nonrecourse note.C's adjusted basis in the equipment was $6,000.

B contributed cash of $5,000, land with an FMV of $57,000 that had a tax basis of $20,000, with the partnership assuming a $12,000 recourse note payable.

C contributed cash of $13,000, inventory with a fair market value (FMV) and tax basis of $20,000, and a building with an FMV of $32,000, that was subject to a $15,000 nonrecourse mortgage.A's tax basis in the building was $12,000. Determine the amount of gain recognized, if any, by the partners as a result of their contributions to form the partnership.

Determine the balances of partners' book and tax capital accounts, and their outside bases in their partnership interests.