Sally and Linus form the Woodstock Partnership. Sally contributes land with a FMV of $250,000. Sally's basis in the land is $100,000. Linus contributes depreciable assets with a FMV of $240,000 and a basis of $65,000. One of the assets has a $40,000 mortgage that the Partnership assumes. Linus also provides services valued at $50,000.

1 What gain/income/loss does Sally report?

2 What gain/income/loss does Linus report?

3 What gain/income/loss does Woodstock report?

4 What is Sallys basis in her ownership interest after formation?

5 What is Linuss basis in his ownership interest after formation?

6 What basis does Woodstock take in the cash and assets contributed by Sally and Linus?