10. Rex contributed land to the partnership of Rex, Tex, and Lex Partnership in exchange for a one-third interest in the Partnership. Rexs adjusted basis in the land was $50,000 and its fair market value was $75,000. Rexs Partnership capital account was credited with $75,000. Tex and Lex had each contributed $75,000 cash. Thus, each partners capital account was $75,000. What is Rexs adjusted basis (outside basis) in his partnership interest?

a. $75,000

b. $50,000.

c. $37,500

d. cannot be determined from the facts stated