anna and britnay are equal partners, and the partnership's only asset is Capital Asset #1, which has a fair market value of $800,000 and an adjusted basis of $300,000. Christine becomes a one-third partner by contributing Capital Asset #2 with a fair market value of $700,000 and an adjusted basis of $150,000. At the time of its contribution, Capital Asset #2 is encumbered by a $300,000 recourse liability, which the partnership assumes. Also, at that time, the partnership revalues its assets under Treasury Regulations 1.704-1(b)(2)(iv)(f).

What will be Christine's outside basis upon becoming a partner?