3. Ryne Sandberg contributed land to a new partnership with a fair market value of $300,000 and a tax basis of $95,125. The land was subject to nonrecourse debt of $75,000. In exchange for his contribution, Ryne received a partnership interest that entitled him to 35% of the capital and future profits of the partnership. Based on the above information, what is Ryne's initial basis in his partnership interest after taking into account the contribution and the nonrecourse debt? (Worth 6 points)