On March 15, 2021, Grant Ham, Harley Manor, and Greg Arms formed Ing Land, LLC. The business was created to sell a variety of novelty goods. When it was formed, the partners received equal profits and capital interests and the following items were contributed by each partner: Grant-cash of $3,000, inventory with a FMV and tax basis of $5,000, and a building with a FMV of $22,000 and adjusted basis of $10,000. Additionally, the building was secured by a $10,000 mortgage. Harley cash of $5,000, liabilities of $12,000, and land with a FMV of $27,000 and tax basis of $20,000. Greg-cash of $2,000, accounts receivable with a FMV and tax basis of $1,000, and equipment with a FMV of $40,000 and adjusted basis of $3,500. Greg also contributed a $23,000 note payable, and the partnership assumed legally responsibility for paying the note. 1. What would Ing Land's basis be in the building contributed by Grant? 2. What would Ing Land's be in the equipment contributed by Greg? 3. Grant would have an outside basis of $23,000 with $0 gain. Harley would have an outside basis of $28,000 with $0 gain. Greg would have an outside basis of $0 with a $1,500 gain. Using the table below, reconcile these amounts: Grant Harley Greg Outside Basis Gain 23,000 Outside Basis 28,000 Outside Basis 0 Gain 0 Gain 1,500