Partnership Contributions Alexa contributes land with a $10,000 basis and a $42,000FMV along with cash of $40,000. Alexa has held the land for two years as an investment. Richard contributes equipment with a $65,000 adjusted basis and a $124,000FMV. Richard has used the equipment in his sole proprietorship for three years and has claimed $52,000 of accelerated depreciation. Antoinette contributes accounts receivable from her sole proprietorship with a zero basis and a $48,000 FMV along with cash of $50,000. In addition, Antoinette set up the accounting system for the business. She normally would charge $30,000 to do the same job for a client. Alexa, Richard, and Antoinette form the ARA Partnership as equal general partners. View the contributions to the partnership. On the first day of business, the partnership borrows $102,000 (recourse debt) from their bank to begin the busine The partners have equal risk of loss for these liabilities. Read the requirements. Requirement a. How much gain, loss, or income must each partner recognize on the formation of the partnership? What is the character of any gain, loss, or income recognized? (Enter a 0 if no gain, loss, or income is to be recognized. If no gain, loss, or income is recognized in the table, leave the character column empty.) Requirement b. How much gain, loss, income, or deduction will the ARA Partnership recognize on the formation? The ARA Partnership will recognize on the formation. The partnership for setting up the accounting system. Requirement c. What is the partnership's basis in its property on the day the business begins? (Complete all input fields. Enter a 0 for any assets with no basis.) Requirement d. What is each partner's basis in his or her partnership interest? (Complete all input fields. Enter a 0 for any zero balances.)