jaylan and cas and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12000 and Casper contributed inventory with FMV of $12000 and an adjusted of $10000. Which of the following is true? Jaylan's basis in the partnership is 12 and Casper's is $10000 Jaylan and Casper each have a basis in the partnership of $12000 Jaylan will have a large share of the profits than Casper The first and third answers are both correct