Carrie D'Lake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2022, D'Lake, Green, and Divot form the Slicenhook Partnership, a general partnership. Slicenhook's main product will be a perimeter-weighted titanium driver with a patented graphite shaft. All three partners plan to actively participate in the business. The partners contribute the following property to form Slicenhook: Partner Contribution Carrie D'Lake Land, FMV $ 460,000 Basis $460,000, Mortgage $ 60,000 Reed A. Green Cash $ 400,000 Doug A. Divot Cash $ 400,000 Carrie had recently acquired the land with the idea that she would contribute it to the newly formed partnership. The partners agree to shar