Qwara will not have to pay any tax when she contributes cash to the partnership because cash counts as property and §721(a) provides that there is no gain or loss recognized to the partnership or any partners when property is contributed in exchange for an interest in the partnership.
Since OPQ otherwise breaks even for the year, this means that Olivia and Qwara end up with basis of $36,000 and Peter ends up with a basis of $41,000 in their partnership interests.
Upon formation, Qwara will not have any income because all she is doing is purchasing stock, and she will have a cost basis of $36,000 under §1012.
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