Question 29 (17 points) Amanda, Ashley, and Kira form Accounting Society Partnership. Total partnership is worth $1,000,000. Income, Losses, etc. all allocated in line with ownership percentages. Amanda contributes Cash with a FMV of 300,000 for 30% of the partnership. Ashley contributes equipment that cost 100,000 and had a FMV of 350,000. She previously used bonus depreciation to immediately expense all of the equipment. The partnership assumes debt associated with the equipment of $100k. She receives 25% of the partnership. Kira contributes a building with a basis of 100,000 (FMV 850,000). It is subject to a mortgage of 400,000. She receives 45% of the partnership. What is the taxpayer's basis in the partnership interest? Amanda: Ashley: Kira: What is the taxpayer's recognized gain or loss? Amanda: Ashley: Kira: