Bobbys transfers a piece of land to partnership RAN for a partnership interest. The land had adjusted basis in Bobbys hands of $50 and a fair market value of $200 and was subject to a mortgage of $30. Bobby receives a capital account in RAN of $170 and a 10% profits interest. RAN has no liabilities prior to the time of the transfer.

1) Does Bobby recognize gain or loss on the receipt of the partnership interest? If yes enter the amount if not enter $0

2) What is Bobbys adjusted outside basis in the partnership interest he receives?

3) What is RANs adjusted basis in the land?