1. Joy and Bert formed Blueberry Partnership in 2008. Joys ownership (P&L %) is 30% and Berts ownership (P&L %) is 70%. Joy contributed land with FMV of $475,000 and adjusted basis of $75,000. The land was used by Joy in her sole proprietorship prior to its contribution to the partnership. Bert contributed cash of $100,000 and equipment with FMV of $275,000 and basis of $250,000. Blueberry Partnership sells the land in 2020 for $2,500,000.(7 Points)
   1. What is Joys outside basis in the partnership immediately after formation?
   2. What is Berts outside basis in the partnership immediately after formation?
   3. What is the amount of gain or loss that will be allocated to Bert and Joy on the sale of the land in 2020?