Hugh Hewitt contributed property to a new partnership for a 50% interest in the partnership. The property had an adjusted basis of $120,000 in Hewitt's hands. The property was also subject to a recourse loan of $ 90,000 that was assumed by the partnership.


a) What is Hewitt's basis in the partnership?

b) what is Hewitt's basis if the recourse loan is not contributed to the partnership?