Cosmo contributed land with a fair market value of $387,500 and a tax basis of $94,500 to the Y Mountain Partnership in exchange for a 25 percent profits and capital interest in the partnership. The land is secured by a $133,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any liability. Note: Leave no answer blank. Enter zero if applicable. b. What is Cosmo's tax basis in his partnership interest?

Cosmo contributed land with a fair market value of $387,500 and a tax basis of $94,500 to the Y Mountain Parthership in exchenge for a 25 percent profits and capitat interest in the partnership. The fand is secured by a $133,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any llability. Note: Leave no answer blank. Enter zero if applicable. b. What is Cosmo's tax basis in his partnership interest