This year, individual X and individual Y formed XY Partnership. X contributed $50.000 cash, and Y contributed business assets with a $50,000 FMV. Y's adjusted basis in these assets was only $10,000. The partnership agreement provides that income and loss will be divided equally between the two partners. Partnership operations for the year genetated a $42,000 loss. Required: How much loss may each parther deduct currently, and what basis will each partner have in their interest at the beginning of next year? Assume the excess business loss limitation does not apply to elther X or Y Note: Losses and deductions should be entered as negative numbers