Three individuals decided to form a partnership. All the partners will own a 1/3 interestand 1/3…

Three individuals decided to form a partnership. All the partners will own a 1/3 interestand 1/3 interest in profit and losses. Partner 1 contributes $100,000 in cash, partner 2contributes property (1231) with a FMV of $100,000 and basis of $25,000 and partner 3contributed 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 taxand book. What is the outside basis and inside basis of the partners.

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