Jed Castanza transfers \(\$ 90,000\) of cash to the JN partnership for a 60 percent interest in the JN partnership. Ned transfers a building with an adjusted basis of \(\$ 30,000\) and a fair market value of \(\$ 100,000\), subject to a debt of \(\$ 40,000\) that the partnership assumes, in exchange for a 40 percent interest in the JN partnership. Determine each partner's adjusted basis in his partnership interest. Does either partner recognize any gain on the transfer to the partnership? What is JN's basis in the assets?