Facts for 1 and 2. an equal partnership. Rachel makes a cash contribution of $40,000 and a property contribution (adjusted basis of $55,000; fair market value of $40,000) in exchange for her interest in the partnership. Bill contributes property (adjusted basis of $60,000; fair market value of $80,000) in exchange for his partnership interest. On January 1 of the current year, Rachel and Bill form for her partnership 1. Rachel has a adjusted basis of $ interest. 40,00 5,00 0 15,000