What is the partner's interest in the partnership and why (citation from Regulations)? 2. Create the initial partnership balance sheet (book and tax). 3. Calculate each partner's share of partnership debt (show work in excel table) 4. Calculate each partner's outside basis at the time of formation (show work in excel table). 5. Calculate the amount of §704(c) precontribution gain or loss for each partner. 6. Other relevant IRC section describing the property contributed and related to the §704(c) precontribution gain or loss. 7. Include discussion with the citations in textboxes as part of the worksheets.