ABC Partnership was formed on March 1 in the current year by three individuals. Partner A contributed $20,000 cash for a 25% interest. B contributed property with an adjusted basis of $28,000 and fair market value of $32,000, subject to a $12,000 mortgage for a 25% partnership interest. C contributed property with an adjusted basis of $20,000 and fair market value of $64,000, subject to a $24,000 liability for a 50% partnership interest. The partnership assumed both B's and C's liabilities. The partnership has no other liabilities. (1) What will the partnership's basis be in each of the contributed assets? (2) Compute each partner's basis in his or her partnership interest. (3) Will any partner recognize a gain or a loss