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Gerald received a one-third capital and profit (oss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a

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Gerald received a one-third capital and profit (oss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $20,000. His adjusted basis in the building was $10,000. In addition, the building was encumbered with a $6,000 nonrecourse mortgage that XYZ. LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution

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