Statistics homework help

The Problem could be found in the attachments The Questions have 2 partsFor Tony: 1) How will he report the principal payments (capital gain, ordinary income and why)? What is included?2) How should he report the future payments? Should he consider something different?3) What should he consider as to this year’s income? For his partners: 1) Does Tony’s retirement have any effect on the partnership’s tax reporting? That is how should they report this year’s income? 2) Does this affect their inside asset basis in any way (no § 754 election is in place)?3) Should they consider a § 754 election and why or why not?4) How do they report the retirement payments?50 Can they deduct any of the retirement payments to Tony? Could they renegotiate some payments so they would be deductible?