On march 15, 20x9, troy, peter, and sarah formed picture perfect general partnership. this partnership was created to sell a variety of cameras, picture frames, and other photography accessories. when it was formed, the partners received equal profits and capital interests and the following items were contributed by each partner:

-troy - cash of $3,000, inventory with an fmv and tax basis of $5,000, and a building with an fmv of $22,000 and the adjusted basis of $10,000. additionally, the building was secured by a $10,000 nonrecourse mortgage.

-peter - cash of $5,000, accounts payable of $12,000 (recourse debt for which each partner becomes equally responsible), and land with an fmv of $27,000 and tax basis of $20,000.

-sarah - cash of $2,000, accounts receivable with an fmv and tax basis of $1,000, and equipment with an fmv of $40,000 and an adjusted basis of $3,500. sarah also contributed a $23,000 nonrecourse note payable secured by the equipment.

what is troy's outside basis and how much gain (loss) must he recognize in 20x9 when picture perfect was formed?