In the current year, Anderson formed an equal partnership with Camilla. Anderson contributed land with an adjusted basis of $50,000 and a fair market value of $225,000. Anderson also contributed $75,000 cash to the partnership. Camilla contributed land with an adjusted basis of $105,000 and a fair market value of $240,000. The land contributed by Anderson was encumbered by a $60,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Anderson’s partnership interest is:

a. $95,000.

b. $125,000.

c. $240,000.

d. $300,000.

e. None of the above.