On May 1, 2009, six brothers decided to form a partnership to publish childrens stories. The contribution of each brother is shown below. They share the economic risk of loss from liabilities according to their partnership interests. Brother Asset Basis to partner FMV Capital, Profits & Loss Interest Al Cash 15,000 15,000 15% Bob Accounts Receivable 0 20,000 20% Clay Equipment 13,000 15,000 15% Dave Land (capital asset to Dave) 50,000 15,000 15% Ed Building, and Liability 15,000 150,000 (130,000) 20% Fred* Services 15,000 15% *Fred, an attorney, drew up all the partnership agreements and filed the necessary paperwork. Required: a. How much income, gain or loss must each partner recognize as a result of the formation