Suzanne and Bob form the SB General Partnership as equal partners. They make the following contributions: (Click the icon to view the contributions.) The SB Partnership assumes the $80,000 recourse mortgage on the building that Bob contributes, and the partners share the economic risk of loss on the mortgage equally. Bob has calmed $40,000 in straight-line depreciation under the MACRS rules on the building. Suzanne is a stockbroker and contributed securities from her inventory. The partnership will hold them as an investment Read the reouirements Requirement a. What amount and character of gain or loss must each partner recognize on the formation of the partnership? (Complete all answer boxes. If no gain or loss is recognized by a partrier, enter a "0" in the Amount column and select "N/A' in the Character column.) Individual Amount Character Suzanne Bob - X Requirements - X Data Table a. Individual Asset Basis to Partner FMV Suzanne Cash $ 45,000 $ 45,000 15.000 What amount and character of gain or loss must each partner recognize on the formation of the partnership? b. What is each partner's basis in his or her partnership interest? c. What is the partnership's basis in each asset? d. What is the partnership's initial book value of each asset? 8. The partnership holds the securities for two years and then sells them for $20,000. What amount and character of gain must the partnership and each partner report? Inventory (securities) Land Building 14,000 45,000 Bob 40.000 50,000 100,000 Print Print Print Done Done