Question: Problem 21-28 (LO. 3) Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of

Problem 21-28 (LO. 3) Emma and Laine form the equal EL

Problem 21-28 (LO. 3) 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 "O". 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 b. Emma's basis in her partnership interest is $ c. Laine's basis in her partnership interest is $ Feedback d. The partnership will take a $ carryover basis in the assets it receives. Feedback Feedback

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