Emma, Esme and Gabriel form a partnership and contribute the following assets: Emma's Land Esme's Building Gabriel's cash S $ S FMV 100,000 $ 120,000 $ 50,000 $ Basis 50,000 90,000 50,000 Partnership% 33.3% 33.3% 33.3% Esme's buikling has a mortgage of $40,000. 3 4 5 Emma's Basis Esme's Basis Gabriel's Basis