Please answer both questions.

part B options in order are (adjusted when necessaryever adjusted) (true/false) (single-level/dual-level) (decreased/ increased) (would/would not)

a. Regarding a partner's basis in the partnership Interest, classify each of the following as either an item that "Increases basis" or one th "Decreases basis". 1. Distribution from the partnership 2. Gain recognized under 5 721(b) 3. Partner's liability assumed by the partnership 4. The partner's share of taxable income 5. Additional contribution to the partnership 6. The partner's share of separately stated deductions, foreign taxes, losses, and nondeductibleoncpitalized expense 7. The partner's share of any partnership liability b. Complete the following sentences regarding a partner's basis. A partner's basis is to determine the basis for the partnership interest A partner's basis may never be reduced below zero (i.e, no negative basis is allowed). Basis adjustments preserve the partnership's of taxation. If basis is by partnership income, that income be taxed again when the partner sells the partnership interest at its fair market value