Question: Hello - I need a little help with this question. Thank you. Darrel, Sissy, and Carol form a partnership. Darrel and Sissy give equipment and

Hello - I need a little help with this question. Thank you.

Darrel, Sissy, and Carol form a partnership. Darrel and Sissy give equipment and a building, respectively. Carol agrees to perform all of the accounting and office work in exchange for a 10% interest. FMV Basis Partnership % Darrels equipment $200,000 $100,000 60% Sissys building $100,000 $ 50,000 30% Carols services $0 $ 0 10%

a. Do any of the partners recognize any gain? If so, how much? Explain.

b. What is the basis for each partner in his or her partnership interest?

c. What is the basis to the partnership of each asset?

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