In return for a twenty percent interest in the Springfield Partnership, George contributed land with a fair market value of $60,000. George's basis in the land was $30,000. The partnership assumed George's $15,000 liability secured by the land. What is George's basis in his partnership interest? a) $18,000 B) $30,000 c) $15,000 d) $27,000

In return for a twenty percent interest in the Springfield Partnership, George contributed land with a fair market value of $60,000. George's basis in the land was $30,000. The partnership assumed George's $15,000 liability secured by the land. What is George's basis in his partnership interest? a) $18,000 b) $30,000 c) $15,000 d) $27,000