HLS, Inte, and 30 seconds remain Multiple Attempts Not allowed. This test can only be taken once Force Completion This test can be saved and resumed at any point until time has expired. The time will continue to run if you leave the test. Remaining Time: 1 hour, 57 minutes, 54 seconds. Question Completion Status: L Moving to another question will save this response Question 2 of 10 Question 2 10 points On March 15, 2019, Troy, Peter, and Sarah formed Picture Perfect General Partnership. This partnership was created to sell a variety of cameras, picture frames, and other photography accessories. When it was formed, the partners received equal profits and capital interests and the following items were contributed by each partner: Troy - cash of $3,000, inventory with a FMV and tax basis of $5,000, and a building with a FMV of $22,000 and adjusted basis of $10,000. Additionally, the building was secured by a $10,000 nonrecourse mortgage . Peter-cash of $5,000, accounts payable of $12,000 (recourse debt for which each partner becomes equally responsible), and land with a FMV of $27,000 and tax basis of $20,000 . Sarah - cash of $2,000, accounts receivable with a FMV and tax basis of $1.000 and equipment with a FMV of $40,000 and adjusted basis of $3,500 Sarah also contributed a $23.000 nonrecourse note payable secured by the equipment What is each partner's outside basis and how much gain (los) must each of the partners recognize in 2019 when Picture Perfect was formed? Aria 3 [12pti T-E 5/20 e to search