Zoe and Andrew form the ZA General Partnership as equal partners. They make the following contributions: View the contributions. The ZA Partnership assumes the $50,000 recourse mortgage on the building that Andrew contributes, and the partners share the economic risk of loss on the mortgage equally. Andrew has claimed $34.000 in straight-line depreciation under the MACRS rules on the building. Zoe is a stockbroker and contributed securities from her inventory. The partnership will hold them as an investment. Read the requirements. Individual Zoe Andrew Cash Inventory Land Building $ Requirement c and d. What is the partnership's basis in each asset? What is the partnership's initial book value of each asset? Initial Book Value of Asset Asset Interest Individual Zoe Andrew Total 92,000 40,000 Partnership's Basis in Asset 55,000 $ 12,000 30,000 35,000 55,000 18,000 20,000 115,000 Requirement e. The partnership holds the securities for two years and then sells them for $30,000. What amount and character of gain must the partnership and each partner report? Begin by determining the gain or loss realized on the sale of the securities. (Enter a loss with a minus sign or parentheses.) Readlized gain (loss) = S 18,000 CH Contributions Individual Zoe Zoe Andrew Andrew Asset Cash Inventory (securities) Land Building Now show how much gain or loss, if any, each partner will recognize on the sale of the securities. (Enter a loss with a minus sign or parentheses. Complete all input fields. Enter a 0 il no gain or loss is recognized by the partner.) Precontribution Gain (Loss) on the Sale Gain (Loss) Print Basis to Partner FMV 55.000 S 12,000 30.000 35,000 $ Done 55.000 18,000 20,000 115,000 X