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Tim, Joe, and Lewis formed Dark Partnership, a general partnership. Joe and Lewis each contributed $150,000 in cash. Tim contributed the following assets: Recourse debt

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Tim, Joe, and Lewis formed Dark Partnership, a general partnership. Joe and Lewis each contributed $150,000 in cash. Tim contributed the following assets: Recourse debt secured by the land equals $210,000. The recourse debt is assumed by the partnership. Each member received a one-third capital and profits interest in the partnership. Answer the following questions. Clearly show your work. Explain each of your answers. a. How much gain or loss will Joe, Lewis, and Tim realize on the contributions? b. How much gain or loss will Joe, Lewis, and Tim recognize on the contributions? c. What is Tim's tax basis in her partnership interest? d. What tax basis do Joe and Lewis have in their partnership interests? e. What is Dark Partnership's tax basis in each of its assets

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