Hi, I have a question and I would like to know the process to solve it.

1. Suppose three partners John, Michael and Nicole each contribute cash of $10,000 to an XYZ partnership for interest. In addition, Nicole contributes land with a fair market value of $150,000 and an adjusted basis of $20,000 to XYZ. The land had a $40,000 mortgage. Furthermore, prior to contribution XYZ had 10, 000 nonrecourse bank loan. In this case,
2. 1) What is the Partnerships basis in the contributed asset?
3. 2) What is each Partners inside basis in the contributed asset?

Please explain the process. I have an exam tomorrow.