Quentin, Tara and Tito form a business entity with each contributing the following Adjusted Basis Fair Market Ownership Percentage Value $220,000 90,000 60,000 Quentin: Cash $220,000 60% 2090 20% Tara: Land $55,000 l ito: Services Tara's land has a $30,000 mortgage that is assumed by the entity. Tito, a tax attorney, receives his ownership interest in exchange for tax and legal services. Determine the recognized gain to the owners, the basis for their ownership interests, and the entity's basis for its assets under each entity scenario If an amount is zero, enter "O". a. Entity: Partnership Partnership Recognized Gain Partners Basis Quentin Tara Tito Quentin, Tara and Tito form a business entity with each contributing the following Adjusted Basis Fair Market Ownership Percentage Value $220,000 90,000 60,000 Quentin: Cash $220,000 60% 2090 20% Tara: Land $55,000 l ito: Services Tara's land has a $30,000 mortgage that is assumed by the entity. Tito, a tax attorney, receives his ownership interest in exchange for tax and legal services. Determine the recognized gain to the owners, the basis for their ownership interests, and the entity's basis for its assets under each entity scenario If an amount is zero, enter "O". a. Entity: Partnership Partnership Recognized Gain Partners Basis Quentin Tara Tito