Caitlin, Au, and Pearl contributed assets to form CAP, LLC which properly elects to be taxed as a partnership. Caitlin contributed cash of $40,000 and land with a basis of $70,000 (fair market value of $60,000) for a 20% partnership interest. Au contributed cash of $60,000 and equipment with a basis of $70,000 (fair market value of $90,000) for a 30% partnership interest. Pearl contributed cash of $60,000 and agrees to do all accounting work required by the partnership for the first two years for a 50% partnership interest.

a) What is Caitlins basis in her 20% partnership interest?

b) What is Aus basis in her 30% partnership interest?

c) What is Pearls basis in her 50% partnership interest?