Questions 1-7 are based on the following information: Andy and Barney formed the T partnership on 4/12/x4. They agreed to split profits and losses 80/20. Andy contributed $80,000 cash, and Barney contributed a machine with a FMV of $70,000 and a basis of $15,000, subject to a mortgage of $50,000, on 4/13/x4. Barney's holding period for the machine began on 6/28/x0 Andy's recognized gain is 1. $80,000 2.0 3. None of these. 4.$40,000 QUESTION 2 See Question 1 for facts. Andy's basis for his partnership interest is 1. $40,000 2. $80,000 3. $120,000 4. None of these. 5. $105,000 QUESTION 3 See Question 1 for facts. The partnership's basis in the machine contributed is 1. $55,000 2. None of these. 3. $70,000 4. $50,000 5. $15,000 QUESTION 4 See Question 1 for facts. When does the partnership's holding period begin for the machine? 1. None of these. 2. The partnership may elect either of the three dates. 3.4/12/x4 4.6/28/x0 5.4/13/x4 QUESTION 5 See Question 1 for facts. Barney's recognized gain is 1. $35,000 2.$0 3. None of these. 4.$155,000 5. $25,000 QUESTION 6 See Question 1 for facts. Barney's basis for his partnership interest is 1. None of these. 2. $170,000 3. $0 4.$130,000 5. $15,000 QUESTION 7 See Question 1 for facts. The partnership's net recognized gain or loss is 1. $0 2. $200,000 gain 3. None of these. 4.$120,000 gain