On January 1, Julie, Kay and Susan formed a partnership. The contribution of the three individuals are listed below: Julie received a 30% partnership interest, Kay received a 60% partnership interest ans Susan received 10% partnership interest. They share the economic risk of loss recourse liabilities according to their partnership interest.

individual asset. basis to partner. FMV

Julie. A/R. 0. $60000

Kay. land. $30000. 58000

building. 45,000. 116000

Susan. services. 0. 20,000

Kay claimed $15000 of straight line depreciation on the building. The land and the building are subject to a $45000 mortgage, of which $18,000 is allocable to the land and $36000 is allocable to the building, The partnership assumed the mortgage. Susan is an attorney and the services she contributes are the drawing up of all partnership agreements.

a) What amount and Character of gain, loss or income must each partner recognize on the formation of the partnership?

b)What is each partner's basis in her partnership interest?

c) What is the partnership basis in each interest?

d) What is tge parrnership initial book value of each asset?