In $2023,$ Cari contributed Land #$1$ held for more than one year with an adjusted basis of $$10,000$ and a fair market value of $$50,000,$ to Partnership X$,$ a newly formed general partnership, in exchange for a $50\%$ interest in the partnership. Land #$1$ is a capital asset to the partnership but was inventory to Cari. In $2023,$ Daniel contributed Land #$2$ held for more than one year with an adjusted basis of $$20,000,$ fair market value of $$100,000$ and subject to a nonrecourse debt of $$50,000,$ in exchange for a $50\%$ interest in the partnership. Partnership X takes Land #$2$ subject to the debt. Land #$2$ is a capital asset to both Daniel and the partnership. All profits, losses, and excess nonrecourse liabilities are allocated equally among the partners. No payments are made on the nonrecourse debt in $2023$ and $2024.$ Ignore book capital accounts in your answers to the questions below. Answer the following questions, explaining your answers and citing all relevant authorities: $$What are the tax consequences $($gain$/$loss recognized, outside basis$)$ on formation in $2023$ to Cari and Daniel if the partnership assumes the nonrecourse debt? $$The partnership has an ordinary loss of $$30,000$ in $2023.$ What are the tax consequences to Cari and Daniel in $2023($profit$/$loss allocation and outside basis$)?$In $2024,$ the partnership breaks even except it sells Land #$1$ for $$70,000.$ What are the tax consequences to Cari and Daniel $($profit$/$loss allocation, character of gain$/$loss$,$ outside basis$)?$