Mary and Todd form the MT partnership, with a transfer of the following properties: $500,000 cash Mary $500,000 FMV property Todd $300,000 tax basis Both Mary and Todd receive a 50% interest in capital, profits, and Iosses of the partnership Complete the following Mary Todd Realized gain Recognized gain Basis of Interest MT basis in contributed asset VARIATION 1: In addition to Mary and Todd, Karla joins the partnership at its inception. Karla will provide services to the partnership in exchange for a 25% interest in profits only. She receives no share of the capital. Does anything change? Why or why not? CHECK THE BOOK AS A SOURCE