Irene, Josh, and Larry form the IJL Partnership as equal partners.

Irene contributes land and a building having a $45,000 adjusted basis and a $180,000 FMV that is subject to a $90,000 mortgage assumed by the partnership. The land and the building originally cost $180,000, with $162,000 allocated to the building and $18,000 allocated to the land. Irene had claimed $135,000 ofstraight-line depreciation on the building. Josh contributes cash of $90,000, and Larry contributes land(a capitalasset) having a $180,000 adjusted basis and a $90,000 FMV. All assets have been held for more than one year.

Assume the partners have an equal economic risk of loss.

a.

What is the amount of Irene's recognized gain or loss on thetransfer?

b.

What is Irene's basis in her partnershipinterest?

c.

What is Josh's basis in his partnershipinterest?

d.

What is the amount of Larry's recognized gain or loss on thetransfer?

e.

What is Larry's basis in his partnershipinterest?

f.

What is thepartnership's basis for each of the contributedproperties?