George and forming the Parti George contributes $500,000 cash and James contribute no-depresie property with adjusted base of S400.000 and a fair market value of 750.000 The property is subject to a $350,000 liability, which is so trumento the php and shared by George and by me. George and Jesse share 0 (George) and 40% (s) is partner profits for any pro Dotion jain, which the located according to the wynies for built-in gain allocations What is James's adjusted tex basis for his partnership interest Immediately after the pership is formed? What is the party's adjusted basis for the property contributed by e partnership with the property entreted by James for Show in the selected between the parent