2. Emily contributed a building with a fair market value of $200,000 and a tax basis of $120,000 to Brindham Docks LLC in exchange for a 50% profits and capital interest in the LLC. The land is secured by $180,000 of non-recourse debt. Other than this nonrecourse debt, Brindham Docks LLC does not have debt a. How much gain will Emily recognize from the contribution b. What is Emily's tax basis in her partnership interest? any