Yong received a 40% general partnership interest in the XYZ Partnership in each of the independent situations below. Read the requirements. Requirement a. Yong designs the building the partnership will use for its offices. Yong normally would charge a(n) $20,000 fee for a similar building design. Based on the other partner's contributions, the 40% interest has a FMV of $25,000. The partnership has no liabilities. What is Yong's basis in his 40% partnership interest? Yong's basis in his partnership interest is i Requirements a. In each situation, assume the general partners share the economic risk of loss related to recourse liabilities according to their partnership interests. What is Yong's basis in his partnership interest? Yong designs the building the partnership will use for its offices. Yong normally would charge a(n) $20,000 fee for a similar building design. Based on the other partner's contributions, the 40% interest has a FMV of $25,000. The partnership has no liabilities. b. Yong contributes land with a(n) $6,000 basis and a(n) $18,000 FMV, a car (which he has used in his business since he purchased it) with a(n) $15,000 adjusted basis and a(n) $6,000 FMV, and $2,000 cash. The partnership has recourse liabilities of $100,000