Question: Please show work 1. Nan and Lew formed an equal partnership. Nan contributes property with an adjusted basis of $75,000 to a partnership. The property

Please show work

1. Nan and Lew formed an equal partnership. Nan contributes property with an adjusted basis of $75,000 to a partnership. The property has a fair market value of $120,000 on the date of the contribution.

a. What is the partnerships basis in the property contributed by Nan?

$ _________________

b. What is the amount of gain recognized by Nan in this transaction?

$ __________________

c. Lew performs services valued at $105,000 for the partnership for his one-third interest in the partnership.

Income or gain recognized $____________

His basis in the Partnership interest $____________

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