Alice Cooper and Bob Dylan each received a 50% interest in a General Partnership in exchange for the following capital contributions:

Cash Alice $ 50,000

Land Bob FMV (fair market value) 300,000 (before liabilities)

AB (adjusted basis) 110,000

Liability(recourse) on land assumed

by partnership 250,000

Bobs beginning tax-basis in his partnership interest is:

	a.	a. 0
	b.	b. <$15,000>
	c.	c. $110,000
	d.	d. <$140,000>
	e.	e. None of the above

Alices beginning tax-basis in her partnership interest is:

	a.	a. $50,000
	b.	b. $175,000
	c.	c. 0
	d.	d. $250,000
	e.	e. None of the above