Nikki and Nancy form N&N partnership. Nikki contributes $40,000 cash and a building worth $70,000 ($58,000 adjusted basis) in exchange for a 50% interest in N&N. Nancy contributes $ 10,000 and land worth $ 100,000 (basis of $ 120,000) in exchange for a 50% interest in N&N. How much gain or loss do Nikki, Nancy, and N&N recognize from the transfer? What is Nikkis basis in her partnership interest? What is Nancy's basis in her partnership interest? What is N&N's basis in the assets it acquired on the transfer