Maeve, a sole proprietor, contributes cash ($40,000) and retail display fixtures (basis $25,000, FMV $20,000) to Sophia

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Maeve, a sole proprietor, contributes cash ($40,000) and retail display fixtures (basis $25,000, FMV $20,000) to Sophia LLC on the day the entity is formed in exchange for a 60% profit and loss interest worth $60,000. Maeve is a US resident and the LLC is taxed as a partnership. Determine (1) Maeve's gain or loss realized on contribution, (2) her gain or loss recognized on contribution, and (3) her basis in her interest in Sophia LLC.