Requirement What is Devon's basis for her partnership interest in each of the independent situations? The partners share the economic risk of loss from recourse liabilities according to their partnership interests. (Use parentheses or a minus sign for subtractions. If an input field is not used in the table, leave the input field(s) empty. Do not select a label or enter a zero.) Situation a. Devon receives her 5% partnership interest for a contribution of property having a $7,000 basis and a $16,000 FMV. The partnership assumes her $5,000 recourse liability but has no other debts. Basis before adjustments Minus: A Independent Situations Plus: Partnership interest basis a. Devon receives her 5% partnership interest for a contribution of property having a $7,000 basis and a $16,000 FMV. The partnership assumes her $5,000 recourse liability but has no other debts. b. Devon receives her 5% partnership interest as a gift from a friend. The friend's basis (without considering partnership liabilities) is $37,000. The FMV of the interest at the time of the gift is $38,000. The partnership has liabilities of $104,000 when Devon receives her interest. No gift tax was paid with respect to the transfer. Devon inherits her 5% interest from her mother. Her mother's basis was $135,000. The FMV of the interest is $116,000 on the date of death and $170,000 on the alternate valuation date. The executor chooses the date of death for valuing the estate. The partnership has no liabilities. Requirement What is Devon's basis for her partnership interest in each of the independent situations? The partners share the economic risk of loss from recourse liabilities according to their partnership interests. (Use parentheses or a minus sign for subtractions. If an input field is not used in the table, leave the input field(s) empty. Do not select a label or enter a zero.) Situation a. Devon receives her 5% partnership interest for a contribution of property having a $7,000 basis and a $16,000 FMV. The partnership assumes her $5,000 recourse liability but has no other debts. Basis before adjustments Minus: A Independent Situations Plus: Partnership interest basis a. Devon receives her 5% partnership interest for a contribution of property having a $7,000 basis and a $16,000 FMV. The partnership assumes her $5,000 recourse liability but has no other debts. b. Devon receives her 5% partnership interest as a gift from a friend. The friend's basis (without considering partnership liabilities) is $37,000. The FMV of the interest at the time of the gift is $38,000. The partnership has liabilities of $104,000 when Devon receives her interest. No gift tax was paid with respect to the transfer. Devon inherits her 5% interest from her mother. Her mother's basis was $135,000. The FMV of the interest is $116,000 on the date of death and $170,000 on the alternate valuation date. The executor chooses the date of death for valuing the estate. The partnership has no liabilities