Lydia and Oliver want to form a partnership to conduzt a new business. They each contribute the following assets in exchange for equal interests in LO Partnership. Lydia's Tax basis in the contributed equipment is $22,000 and Oliver's tax basis in the contributed equipment is $57,000. Cash. Lydia $50,000 Business Equipment (FMV) 50,000 Oliver $70,000 30,000 a. Compute each individual's realized and recognized gain or loss on the formation of LO Partnership. 1. Compute each individual's tax basis in their half interest in LO Partnership. m. Compute the partnership's tax basis in the equipment contributed by each individual partner.