On January 1, Justin, Kevin, and Stan form a partnership. The contributions of the three individ-uals are listed below. Justin received a 30% partnership interest, Kevin received a 60% partner-ship interest, and Stan received a 10% partnership interest. They share the economic risk of loss from recourse liabilities according to their partnership interests. Individual Asset Basis to Partner FMVJustine Accounts receivable $ –0– $ 60,000Kevin Land 30,000 58,000 Building 45,000 116,000Stan Services ? 20,000Kay has claimed $15,000 of straight-line MACRS depreciation on the building. The land and building are subject to a $54,000 mortgage, of which $18,000 is allocable to the land and $36,000 is allocable to the building. The partnership assumes the mortgage. Susan is an attorney, and the services she contributes are the drawing-up of all partnership agreements. a. What amount and character of gain, loss, or income must each partner recognize on the formation of the partnership?b. What is each partner’s basis in her partnership interest?c. What is the partnership’s basis in each of its assets?d. What is the partnership’s initial book value of each asset?