QUESTION 16 On January 1 of 2021, Lisa and Christina form an equal Partnership with a Cash contribution of $50,000 from Lisa and a property contribution (Adjusted Basis of $75,000 and Fair Market Value of $50,000) from Christina. Christina acquired the property two (2) years ago. Which of the following statements is not correct? O Lisa has a $50,000 basis in the Partnership. The Partnership has a Recognized Gain of $25,000. The Partnership takes a basis of $75,000 in the property contributed by Christina. Christina has a $75,000 basis in the Partnership. QUESTION 17 In computing the Ordinary Income (Nonseparately Stated Items) of a Partnership, a deduction is allowed for which of the following? Withdrawals made to Partners. Guaranteed Payments made to Partners. O Short-Term Capital Losses of Partnership. Contributions to qualified Charitable Organizations.