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1) Suzanne and Bob form the SB general Partnership as equal partners. They make the following contributionsSuzanne: Cash with $45,000 basis and FMV. Inventory with $14,000 basis and $15,000 FMVBob: Land with $45,000 basis and $40,000 FMV and Building with $50,000 basis and $100,000 FMVThe 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 claimed $40,000 in straight line depreciation and MACRS rules on the building. Suzanne is a stockbroker and contributed securities from her inventory. The partnership will hold them as an investment.a) 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 partnerships basis in each asset?d) What is the partnership initial book value of each asset?e) The partnership holds the securities for two years and then sells them for $20,000f) What amount and character of tax gain must the partnership and each partner report?