1. The ABC cash method general partnership, which has made a 754 election, had the following balance sheet at the time D purchased Cs interest for $60,000 cash. None of the partnerships assets were contributed by a partner:

Assets Liabilities and Partners Capital

A.B. F.M.V. A.B.* F.M.V.

Liabilities $30,000

Capital:

Accounts A $30,000 60,000

Receivable $0 $30,000 B 30,000 60,000

Inventory 30,000 60,000 C 30,000 60,000

Land (1231 30,000 15,000

Asset)

Building(1231 30,000 105,000

Asset no depr-

eciation recap-

ture)

Totals $90,000 $210,000 $90,000 $210,000

1. What is Ds personal inside basis in each of the assets?
2. What is Ds personal inside basis in the assets if he paid $70,000 (rather than $60,000) for Cs interest?
3. Same as (a), above (i.e. D buys Cs interest for $60,000), except that C contributed the accounts receivable to the partnership at a time when the fair market value of the receivables was $30,0000 and their basis was zero.