Lindsey and Saeedeh formed an equal profit- sharing S&L Partnership during the current year, with Lindsey contributing $100,000 in cash and Saeedeh contributing land (basis of $60,000, fair market value of $40,000) and equipment (basis of $0, fair market value of $60,000). What are Saeedehs outside basis in the S&L partnership interest? Does any partner recognize gain/loss on this transaction? Please explain in detail giving reasons.