Joe, Bill, and Fred are forming the JBF Partnership by contributing the following:

Item FMV Adjusted Basis

Joe Legal services $90,000-$

Bill Accounting services $10,000-$

Equipment $20,00018,000$

Inventory $50,00054,000$

Fred Inventory $35,00039,000$

Equipment $23,00040,000$

$($a$)$ What is Joe$$s total realized gain$/$income or loss?

$($b$)$ What basis does the partnership take in the inventory contributed by Bill?

$($c$)$ What is Bill$$s total recognized gain$/$income or loss?

$($d$)$ What is Fred$$s total realized gain$/$income or loss?

$($e$)$ What is Fred$$s total recognized gain$/$income or loss?

$($f$)$ What is Fred$$s basis in his partnership interest?