Required information [The following information applies to the questions displayed below.] Mary and Scott formed a partnership that maintains its records on a calendar-year basis. The balance sheet of the MS Partnership at year-end is as follows: Fair Market Value Basis Cash $ 24 $ 24 Land 24 120 Inventory 42 24 $ 90 $ 168 Mary Scott $ 45 45 $ 90 $ 84 84 $ 168 At the end of the current year, Kari will receive a one-third capital interest only in exchange for services rendered. Kari's interest will not be subject to a substantial risk of forfeiture, and the costs for the type of services she provided are typically not capitalized by the partnership. For the current year, the income and expenses from operations are equal. Consequently, the only tax consequences for the year are those relating to the admission of Kari to the partnership. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) a. Compute and characterize any gain or loss Kari may have to recognize as a result of her admission to the partnership. Gain or loss recognized as Required information [The following information applies to the questions displayed below.] Mary and Scott formed a partnership that maintains its records on a calendar-year basis. The balance sheet of the MS Partnership at year-end is as follows: Fair Market Basis Cash $ 24 Land 24 Inventory 42 Value $ 24 120 24 $ 90 $ 168 Mary Scott $ 45 $ 90 45 $ 84 84 $ 168 At the end of the current year, Kari will receive a one-third capital interest only in exchange for services rendered. Kari's interest will not be subject to a substantial risk of forfeiture, and the costs for the type of services she provided are typically not capitalized by the partnership. For the current year, the income and expenses from operations are equal. Consequently, the only tax consequences for the year are those relating to the admission of Kari to the partnership. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) b. Compute Kari's basis in her partnership interest. Basis Required information [The following information applies to the questions displayed below.] Mary and Scott formed a partnership that maintains its records on a calendar-year basis. The balance sheet of the MS Partnership at year-end is as follows: Cash Land Inventory Fair Market Value $ 24 120 Basis $ 24 24 42 24 $ 90 $ 168 Mary Scott $ 45 45 $ 90 $ 84 84 $ 168 At the end of the current year, Kari will receive a one-third capital interest only in exchange for services rendered. Kari's interest will not be subject to a substantial risk of forfeiture, and the costs for the type of services she provided are typically not capitalized by the partnership. For the current year, the income and expenses from operations are equal. Consequently, the only tax consequences for the year are those relating to the admission of Kari to the partnership. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) d. Calculate how much gain or loss Kari would have to recognize if, instead of a capital interest, she received a profits interest. Gain or loss recognized as