Daniel and Emma form HP Enterprises, LLC a partnership designed to market and sell Harry Potter merchandise. In exchange for equal partnership interests (capital, profits and losses) Daniel and Emma contribute the following:

Daniel: AB FMV

Cash $80,000 $80,000

Property $70,000 $100,000

Debt associated with the property $30,000 $30,000

Emma contributed cash of $150,000

.

What basis does the partnership take in the assets?