Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with an FMV of $33,000. His adjusted basis in the building was $16,500. In addition, the building was encumbered with a $9,900 nonrecourse mortgage that XYZLP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution? Multiple Choice $6,600 $9,900 $23,100 $26,400