cash) contributed by Tim, Al, and Pat, respectively All of these statements are correct. e. Xena and Xavier form the XX LLC, which elects partnership treatment. Xena contributes 0,000, land (basis $40.000; fair market value $25.000), equipment (basis market value- fair market value $35,000), and inventory (basis-$30,000; fair $40,000). Xavier contributed $100,000 of cash and equipment (basis $10,000, fair market value $20,000). How much is the partnership's basis in the land, equipment, and inventory, and how much is Xavier's basis in his partnership interest? $40,000 land, $10,000 equipment, $30,000 inventory; $110,000 partnership interest. $40,000 land, $0 equipment, $30,000 inventory; $90,000 partnership interest. $25,000 land, $35,000 equipment, $30,000 inventory; $150,000 partnership interest. $40,000 land, $35,000 equipment, $40,000 inventory: $150,000 partnership interest. 2. $40,000 land, $0 equipment, $30,000 inventory; $120,000 partnership intere