1.) Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2012. Barbara contributed $200,000 in exchange for her one-half interest. Bill contributed land worth $300,000 that had an adjusted basis to him of $50,000 and that was subject to a liability of $100,000 in exchange for his one-half interest. Which of the following statements is accurate with respect to this transaction? a. None of Barbara, Bill, or B&B recognized any gain or loss. b. Bill recognized gain of $50,000 , but Barbara and B&B did not recognize any gain or loss. c. B&B recognized gain or $100,000 , but Barbara and Bill did not recognize any gain or loss. d. Bill and B&B each recognized $50,000 of gain, but Barbara did not recognize any gain or loss. 2.) Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2012. Barbara contributed $200,000 in exchange for her one-half interest. Bill contributed land worth $300,000 that had an adjusted basis to him of $50,000 and that was subject to a liability of $100,000 in exchange for his one-half interest. Which of the following statements is accurate with respect to this transaction? a. Bills adjusted basis in his partnership interest after the transaction is $50,000. b. Bills adjusted basis in his partnership interest after the transaction is $100,000. c. Bills adjusted basis in his partnership interest after the transaction is 0. d. Bills adjusted basis in his partnership interest after the transaction is $200,000. 3.) Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2012. Barbara contributed $200,000 in exchange for her one-half interest. Bill contributed land worth $300,000 that had an adjusted basis to him of $50,000 and that was subject to a liability of $100,000 in exchange for his one-half interest. Which of the following statements is accurate with respect to this transaction? a. Barbaras adjusted basis in her partnership interest after the transaction is $0. b. Barbaras adjusted basis in her partnership interest after the transaction is $150,000. c. Barbaras adjusted basis in her partnership interest after the transaction is $200,000. d. Barbaras adjusted basis in her partnership interest after the transaction is $250,000