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Chapter 14 Homework eBook Problem 14-09 (LO. 2) Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000. If an amount is zero, enter "0". a. How much gain, if any, must Emma and Laine recognize on the contributions? Emma recognizes a gain of $ on the transfer and Laine recognizes a gain of $ Feedback Check My Work When a partnership is formed, the partners contribute cash and other property in exchange for the interest in the partnership. This transaction has implications for both the partners and the partnership. b. Emma's tax basis in her partnership interest is $ . Her 704(b) book basis is $ c. Laine's tax basis in her partnership interest is $ Her S 704(b) book basis is $ Feedback d. The partnership will take a $ carryover basis in the assets it receives. Feedback e. How will the partnership account for the difference between the basis and value of the property transferred by Laine? The partnership will treat the $ precontribution gain that must be property is depreciable. difference between the basis and fair market value of the property Laine contributed as a allocated to Laine when the property is sold or as described under the Regulations if the Feedback Feedback Check My Work