Lisa and Courtney $($both individuals$)$ formed Friends Partnership in $2021.$ Lisa's ownership $($P$/$L$\%)$ is $60\%$ and

Courtney's ownership $(\frac{P}{L}\%)$ is $40\%.$ Lisa contributed real property $($land$)$ with FMV of $$300,000$ and basis of

$$450,000.$ Courtney contributed cash of $$50,000$ and equipment with FMV of $$150,000$ and basis of $$20,000.$ In

$2023$ the partnership sells the real property $($land$)$ for $$250,000.(6\mathrm{.}5$ points$)$

a$.$ What is Lisa's outside basis in the partnership immediately after formation?

b$.$ What is Courtney's outside basis in the partnership immediately after formation?

c$.$ What is the amount of gain$/$loss that will be recognized by Lisa and Courtney upon the sale of the land in

$2023?$

$*$Bonus$.$ What is the character of the gain$/$loss recognized by Lisa and Courtney if the land was held as

investment by Lisa prior to contribution to the partnership, and the partnership held it as inventory?