ydia and Oliver want to form a partnership to conduct a new business. They each contribute the following assets in exchange for qual interests in LO Partnership. Lydia's tax basis in the contributed equipment is $22,000, and Oliver's tax basis in the contributed equipment is $57,000 Required: o. Compute each individual's realized and recognized gain or loss on the formation of LO Partnership. b. Compute each individual's tax basis in their half interest in LO Partnership. c. Compute the partnership's tax basis in the equipment contributed by each individual partner. Complete this question by entering your answers in the tabs below. Compute each indivhual's realized and recognized gain or loss on the formation of to Partnership. Compute each individual's tax basis in their half interest in Lo Partnership. Complete this question by entering your answers in the tabs below. Compute the partnership's tax basis in the equipment contributed by each individual partner