Seth and Tim formed ST Partnership (50%/50%).

Seth Tim

Asset Cash Land

FMV $10,000 $10,000

Basis $10,000 $12,000

A.) What is Seth's basis in his partnership interest?

B.) What is Tim's basis in his partnership interest?

C.) What is ST's basis in the land? Assume that ST sold the land for $15,000 after one year to answer the following?

D.) What is ST's realized gain on the sale of the land?

E.) How much gain does Seth recognize on the sale?

F.) How much gain/loss does Tim recognize on the sale?