Myself and three of my acquaintances, Ben, Charlie, and Diana have entered into ABCD partnership in January of 2015. I contributed cash of $5,000 in exchange for 25% interest in the partnership. Ben contributed property with a fair market value of $5,000 a basis of $4,000 and liabilities of $800 in exchange for 25% interest. The partnership assumed the liabilities of Bens property. Charlie contributed debt instruments valued at $5,000 which had built-in losses of $2,000 (so an adjusted basis of $7,000) in exchange for 25% interest. And finally Diana, who is a lawyer, contributed services valued at $5,000 in exchange for 25% interest. On 2/1/15 Charlie sold his 25% interest to me. I need to know the basis of the partnership interest for each of the four partners at the time immediately following contribution. I also need to know any gains or losses that need to be recognized by the partners or the partnership in relation to each of these contributions. What items will increase or decrease each partners basis? Over the year the partnership made $20,000 in ordinary income and $3,000 LTCG. I need to know which forms I will need to file for my 2015 partnership tax return. I also need to know how much income will flow to each individual partner and how to show these allocations on the partnership tax return. Please let me know if you need any further information. Partnership Research Assignment, 1) Identification of the basis for each of the four partners 2) Identification of possible gains/losses for each of the four partners 3) Identification of the taxable income reporting amounts for each partner 4)Format of the paper (clarity and email response to client) and identification of the tax forms needed