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Problem 1 Darrel, Sissy, and Carol form a partnership. Darrel and Sissy give equipment and a building, respectively. Carol agrees to perform all of the

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Problem 1 Darrel, Sissy, and Carol form a partnership. Darrel and Sissy give equipment and a building, respectively. Carol agrees to perform all of the accounting and office work in exchange for a 10% interest. FMV Basis Partnership % Darrel's equipment $200,000 $100,000 60% Sissy's building $100,000 $50,000 30% Carol's services SO SO 10% a. Do any of the partners recognize any gain? If so, how much and why? b. What is the basis for each partner in his or her partnership interest? c. What is the basis for the partnership of each asset

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