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Lemon, Lime, and Orange, three cash method, calendar year individuals, form Starburst General Partnership to create frult candies. Before forming this partnership, they each had their own sole proprietorship. The partners contribute the following property in each case worth $2.400 net of liabilities in exchange for equal 1/3 interests in the partnership's capital profits and losses see the table below of property contributed by each partner). The partnership assumes all liabilities encumbering the contributed assets. Assume that the partners are responsible for an equal share of the partnership's Habilities. What is the most that any specific partner recognizes on these transactions? - Lemon contributes land with a fair market value of 55,160, which is encumbered by a recourte mortgage of $3,260. Lemon has held the land for several years as an inwestment, and his basis in the land is $1.200. Lemon ako contributes $480 in cash. Lime contributes a building a 4 1231 asset, with a value of $3,120 in which Lime has an adjusted basis of $1,560. The building was purchased several years ago by Lime and is subject to a recourse mortgage 5720 Orange contributes zero basis accounts receivable from his business worth $4,200 and assigns his accounts payabile of 31 800 to the partnership $240 050 $1.200 5720

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