1. Three individuals decided to form a partnership. All the partners will own a 1/3 interest and 1/3 interest in profit and losses. Partner 1 contributes $100,000 in cash, partner 2 contributes property (1231) with a FMV of $100,000 and basis of $25,000 and partner 3 contributed land with a FMV of $130,000, basis $30,000, but the land also has a loan of $30,000 which is transferred to the partnership. Please create a balance sheet for both tax and book. What is the outside basis and inside basis of the partners.
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