Question 2 (16 points) Tulsi and Shiori contributed cash of $600 and $400 for 60 percent and 40 percent, respectively to ES, LLC. The partnership purchased equipment for $9,000, executing a

nonrecourse loan for $8,000. The equipment was expensed in Year 1 using bonus depreciation. Only interest was paid on the debt. Net income before depreciation/cost recovery was zero. This depreciation/cost recovery was allocated $6,300 to Erica and $2,700 to Shiori. Only interest was paid on the debt. There is a gain chargeback provision in the partnership agreement. Answer in Column C (preferably with your formula in the cell) and for maximum credit explain, if appropriate, in Column D. How much is the minimum gain at the end of Year 2? Only interest was paid on the loan. a. b. C. How much is each partner's share of liabilities? How much is each partner's basis in the partnership at the end of year 2?